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News

Identity theft insurance cover from Equifax

Equifax Inc : 07 May, 2009  (New Product)
Insurance coverage for identity theft added to the Equifax portfolio of identity protection and credit monitoring products
Equifax has announced an enhancement to its existing identity protection and credit monitoring products to include up to $1 million of identity theft insurance coverage. The coverage provides reimbursement for certain out-of-pocket expenses related to identity theft for Equifax consumers.

All Equifax 3-in-1 monitoring products with insurance components (e.g. Equifax ID Patrol, Equifax Credit Watch Gold with 3-in-1 Monitoring and FICO Score) were automatically upgraded to up to $1,000,000 of identity theft insurance with no deductible; single bureau monitoring products with insurance components were upgraded to up to $25,000 of identity theft insurance with no deductible. Existing Equifax customers were also automatically upgraded to the new coverage applicable to their current product.

The enhanced identity theft insurance coverage included with Equifax's products provides for direct reimbursement to consumers for out-of-pocket expenses, including lost wages, loan application fees, notary and certified mailing costs, long distance calls, and attorney fees. The identity theft insurance that is included with Equifax's 3-in-1 monitoring products also provides reimbursement for losses resulting from unauthorized electronic funds transfers above those covered by one's financial institution. Service guarantees, like those included with some identity theft protection products, are not insurance. Generally, these guarantees are applicable to incidences of identity theft related to defects in the product's service or performance and do not provide direct reimbursement for actual expenses incurred by the customer.

'Identity theft is a real threat and consumers need real protection,' said Steve Ely, President, Equifax Personal Information Solutions. 'Consumers may mistakenly believe that service guarantees are comparable to insurance and that they provide the same protection. The identity theft insurance coverage that is included with Equifax's credit monitoring products is real insurance, not a service guarantee, and provides consumers with direct reimbursement for covered losses.'

Equifax's suite of identity protection and credit monitoring products are designed to help consumers protect the power of their identity, take control of their credit and maximize their financial well being.

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