Paypal Offers Free Equifax Credit Alerts

[jeffrey]

Paypal and Equifax have teamed up to offer free Equifax Credit Alerts to all US based paypal users. Equifax Credit Alerts are an early warning detection system which will monitor your credit file and alerts you to potentially fraudulent activities such as if someone tries to obtain credit in your name or when a significant change occurs on one of your existing financial/credit accounts. In addition, the program has a free Identity Protection hot-line that you can use if you believe your identity has been stolen.




The program provides the following:

Early warnings: Automatic notification through email in the event there’s an inquiry to your credit file or there’s a balance change.

Free for PayPal users: No charge to PayPal registered users in the U.S.

Toll-free hot-line: Call if you believe you’re a victim of identity theft.

If you're a Paypal user, this will give you a free added layer of credit protection in addition to requesting your free credit reports every 4 months to monitor against identity theft.

Free Equifax Credit Alerts For Paypal Members

[poundwise]

I have seen that as well and read all the blurb on PayPal's web site. I just can't help feeling 'what's the catch?' Equifax isn't usually so benevolent. Sorry if I am skeptical but Equifax sells credit monitoring. It's just hard to believe they would do this for nothing. I hope it is just as it appears. If so, that is an excellent opportunity for PayPal members.

[jeffrey]

I tried to sign up to verify, but can't because I'm in Japan. My guess is that they try to "upsell" you as you go through the process - also noticed that you need to opt out of them sharing your information.

[mrvirgo]

I just signed up. Frankly, I am not too impressed. Nothing that I saw on my report was very informative. Mostly what you are offered is upgrades for which you must pay extra. But for free, hey, why not? Besides, if they alter the offer is changed and they want money, you can cancel any time and signing up just might do me some good. Who knows?
P.S. I did get an email confirming there was no charge to my account; it read:

Dear Valued Member,

Thank you for your recent order with Equifax. Below is a summary of your order:

Product Status Price
Equifax Credit Alerts(TM) for Paypal Complete $0.00

Total billed* $0.00
*We will send e-mail notification and bill you for any pending orders only when they have been completed.

[wooleyduck]

I tried to sign up and couldn't because I'm already a "member" of Equifax - when the only experience I've had with them was when I got my annual free credit report through them last year. I've written to their custoemr service in the hopes I'll be able to still qualify as a Paypal member since there's nothing that states otherwise.

[vsjhoc]

I signed up, but I'm not expecting much. They alert you only if your credit card balance has increased by a percentage or a dollar amount which you select. You are NOT alerted if someone tries to open credit in your name, change your address, or make any other significant changes.

I called customer service at 1-866-673-3740 (thanks genchen) and they confirmed that signing up creates only a "soft" inquiry on your file.

[markio26]

i saw this info.. too.. i don't think i will do this... like i said.. i like to do my own business.

[Knowzy]

This is a very basic credit monitoring service for sure. It doesn't alert you of important things like new accounts on your credit file, negative reports or changes of address. And, of course, you don't get to actually see your credit report.

On the other hand, it is free and paying for credit monitoring isn't worth the money. I signed up just for the heck of it but I rely on my free credit reports for my "credit monitoring."

There may be a catch, according to ConsumerAffairs.com: The terms of service allows Equifax to turn this free service into a paid service. I think they're being a little paranoid, though. I think the bigger risk is that the service will be discontinued.


Jeff