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Equifax Adds Identity Feature

By Faye Mergel
Published: Sunday, September 6th, 2009

Equifax announced today that their new security feature is already available. Equifax Identity Report ™ aims to protect consumers against fraud and erroneous information on their account. This is the most recent addition to this credit bureau’s Personal Information Solutions.

Equifax Adds Identity FeatureEquifax, the oldest of the three major credit bureaus in the United States, established a new system that will provide a consumer significant information about who he is dealing with. The Equifax Identity Report will allow a person to share his name, street, city, and state address, age range, as well as his Social Security number and range of his credit score. When getting his report, a person can share it online by going to the “share report” feature of the Identity Report.

Upon obtaining his credit report, he will be able to view details of his identity verification report, his Equifax Credit Score Card™, and his own Equifax Credit Report.™

When going to the Equifax website to obtain his report, a person will be given a snapshot of it. He can then choose to whether share his Identity Report or not. The Equifax Credit Report, however, is viewable only by the person requesting for his Identity Report. Another hallmark of this new feature is the customer’s ability to share his report to an unlimited number of people for 30 days. This goes for no additional charge.

Employers pull out the credit reports of job applicants before hiring them. This is an increasing practice by employers to verify the identity of job seekers. On the other hand, credit expert Demitra Wilson advises consumers to verify the identity of the person they are dealing with before sealing off a deal. This goes to people who want to buy a car or an apartment, hire a nanny, or join in online auctions. A person can also use this Identity Report to verify identity before meeting a date.

Many consumers are not comfortable with sharing their credit report. They do not want other people to view their late payments and defaulted loans. Credit experts say that consumers should instead use Identity Report as an alternative way of verifying one’s identity to others.

However, the Equifax Identity Report ™ is not for free. A consumer must pay $9.95 before he can access this feature on the credit bureau’s website. On the opposite, a consumer is entitled to a free credit report from the major credit bureaus once a year. However, in the end, it is the consumer who decides in what way he will verify his or other people’s identity.

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