MyFICO.com combats identity theft
|June 17, 2004|
E-mail updates alert consumers of personal data changes
MyFICO.com, a division of Fair Isaac Corp., announced the launch of myFICO Identity Theft Security, a complete line of products and services that aim to deter consumer identity theft and protect credit.
Identity Theft Security aims to provide protection by constantly monitoring more than 400 data sources at regular intervals to help spot changes to a customer's name, address, phone number, date of birth or social security number that could indicate that identity theft has occurred. Customers can elect to have a weekly status update of monitoring activity e-mailed to them. When a suspicious change is detected, a myFICO security alert is e-mailed instantaneously.
"Most people are learning that the critical damage caused by identity theft is not so much the fraudulent charges, which in some cases are covered by the creditors," said Russ Mann, vice president of market management at myFICO. "What's most critical is the amount of time it takes to resolve identity theft issues and the damage it can do to your FICO credit score, which may increase the interest rates you pay on credit cards and home loans and in some cases can make credit unavailable when you need it most."
Other offerings include:
Identity theft has been called the fastest-growing crime in the country by the U.S. Federal Trade Commission. The FTC says that more than 11 million people were victimized by identity theft last year. Without ID theft insurance, the U.S. Federal Trade Commission estimates that victims typically spend $800 in out-of-pocket costs to correct their credit profiles. On average, identity thieves stole nearly $7,000 per victim last year.
MyFICO.com is a unit of Fair Isaac that enables consumers to obtain their own FICO credit score. Fair Isaac provides analytics for banks, credit-card issuers, insurers and other companies.
Copyright: Inman News Features