ATLANTA, March 27, 2012 /PRNewswire/ -- Equifax Inc. (NYSE: EFX) today announced the launch of Equifax Complete™ Family Plan, which offers families a combined identity protection and credit monitoring product for two adults and their minor children.
This launch comes at a time when reported cases of child identity theft are on the rise. In 2011, more than 19,000 child identity theft complaints were reported to the Federal Trade Commission, compared with approximately 6,000 cases in 2003.
"Child identity theft is a growing and often invisible problem," said Trey Loughran, president of the Personal Information Solutions unit of Equifax. "The Equifax Complete Family Plan helps to reduce this risk and empowers families to protect the identities of both adults and their minor children in a simple yet effective dashboard."
Child identity theft most often occurs when someone obtains the Social Security number or other identifying information of a minor and uses it to apply for a credit card, bank account, loan, job, driver's license, or even government benefits. A parent may not discover the child's identity has been stolen or compromised for years — perhaps finding out when collection agencies call or when the child becomes an adult and is turned down for that first credit card.
"The consequences of identity theft can be high, both emotionally and financially," Loughran said. "The Equifax Complete Family Plan addresses this by providing our most comprehensive set of identity protection features in a single product to help protect the whole family and enable them to respond in the event their identity may be at risk."
The Equifax Complete Family Plan provides the family with the identity protection and credit monitoring features needed to monitor their credit and help protect their identities, covering two adults and up to four minor children. Once a child is enrolled, the Equifax Complete Family Plan monitors the child's personal information for the existence of an Equifax credit file and locks it, thereby preventing creditors from accessing it while the minor child remains enrolled in the plan. The plan also provides continuous credit monitoring for two adults in the family across the three national credit reporting agencies — Equifax, TransUnion and Experian – as well as internet monitoring of Social Security numbers and other key account numbers. Another feature is the family dashboard, which makes it simple for the parent to stay informed on the status of the family members' identities.
About Equifax Equifax Personal Information Solutions empowers consumers with the confidence and control to be their financial best. Find out more about Equifax's innovative suite of credit monitoring and identity protection products designed to enable consumers to maximize their financial well-being at www.equifax.com. Get smart information on everything from credit to retirement, all in one place at the Equifax Finance Blog, blog.equifax.com.
Equifax is a global leader in consumer and commercial information solutions, providing businesses of all sizes and consumers with information they can trust. We organize and assimilate data on more than 500 million consumers and 81 million businesses worldwide, and use advanced analytics and proprietary technology to create and deliver customized insights that enrich both the performance of businesses and the lives of consumers.
Headquartered in Atlanta, Equifax operates or has investments in 18 countries and is a member of Standard & Poor's (S&P) 500® Index. Its common stock is traded on the New York Stock Exchange (NYSE) under the symbol EFX. For more information, please visit www.equifax.com.