Press Release

SHOULD YOU BE CHECKING YOUR CREDIT INFORMATION DAILY?

Equifax suggests on-going monitoring needs to become 'de facto' as yet another case of lost data is reported

London 18th February 2008 – Leading ID fraud expert, Equifax, is asking how quickly individuals might find out if their identity has been used fraudulently following the discovery of 20,000 Haringey Council files in a derelict squat in North London.

“The problem is that whilst it has been reported that the files were old – from the 1980s to 1993 – a lot of the information on them could still be useful to fraudsters”, confirmed Neil Munroe, External Affairs Director, Equifax. “And given that the people affected would have no idea that their details were on these discarded files, it is unlikely they would be alert to possible fraudulent activity using their details. It seems that, with all the data breaches and lost data files reported over the last few months, it almost needs to be ‘de facto’ to monitor your personal information on a daily basis to ensure you don’t become a victim to ID fraud or theft.”

Munroe continues, “Human error is commonly the weakest link when it comes to data breaches and whilst consumers will be protected against financial loss if it can be proven that they were not negligent with their personal information, the reality is that in the short-term it can affect their credit record and they may have difficulty obtaining credit in the future. Plus it can take hundreds of hours to deal with accounts that have been affected.”

Equifax provides its Identity Watch service to provide on-going monitoring of individual’s credit files. The cost of subscription is just £3.99 a month* and it can start working for a consumer within minutes of them registering on www.equifax.co.uk. There is no wait for PINs or passwords. This is vital for anyone concerned that they might have been targeted for identity theft. They can take action immediately.

The service includes:

Alerts to consumers on a weekly basis with any changes to their credit file by email
One free Equifax Credit Report™ when the subscription is started
A monthly ‘no news is good news’ message, if there has been no activity on their credit file

The Equifax Identity Watch™ website provides easy to navigate advice and information and advice and support is available from Equifax customer care. Individuals can, therefore, benefit from learning about how to protect themselves against identity theft, as well as have access to a glossary of credit terms to make it easier to understand the terminology used by lenders and in their credit report.

Equifax Identity Watch™ will help catch potential fraud early, therefore greatly reducing the time and effort spent correcting a credit report and, in many cases, prevent fraud before it even happens. It also allows individuals to monitor their individual financial situation regularly and will enable consumers to manage their debts more effectively.

ID FRAUD CHECKLIST
What to watch out for to avoid becoming an ID fraud victim

Be wary of emails that begin “Dear customer”, rather than using your name or phone calls ‘phishing’ for further personal information.
Your bank will never ask you to reveal your PIN or passwords in full. Don’t reveal these to anyone.
Check your bank statements for any unusual transactions.
If think you have been a victim, tell your bank or building society immediately. Unless you suspect something, there is no need to contact them.
You can also notify CIFAS, which runs a Protective Registration service, and a notice will be placed on your credit file informing lenders that you may be at risk of identity fraud. Tel: 0870 010 2091.
Sign up for a service like Equifax Identity Watch to alert you of any potentially fraudulent activity.

*3 month minimum subscription required

Contact Information: Equifax PR Team at HSL; Elinor Puzey/Louise Fowler/Cecile Stearn/Wendy Harrison; 020 8977 9132 or 07850 372469; wendy@harrisonsadler.com