Are you concerned about Identity theft? Well TransUnion is as well. The credit reporting agency is seeing a large increase in it’s credit monitoring clients as a result of the newest round of data security breaches throughout the country. Identity theft protection and notification is more vial now than ever before.
TransUnion announced that it has added an instant alert component of their service which lets members know immediately when someone applies for credit under their name.
“It’s entirely possible that you could be at a car dealership when your report is pulled and receives the notification. Time is of the essence when dealing with identity theft crimes. The longer you go without stopping it, the worse the situation becomes.”
New and existing members will have instant access to this near alert feature. In the even of an ID theft, members will receive an email along with information on the steps the should take if they weren’t responsible for the loan application. TransUnion will be implementing text alert notifications through it’s mobile application by the end of 2014.
Another new feature introduced by TU is their Credit Lock plan. This will allow customers to instruct TransUnion not to provide their credit report to any lender who requests it. This is only applicable to TransUnion credit reports, and the lender will still be able to pull Equifax or Experian credit reports.
The current cost for credit monitoring with TransUnion is $17.95/month and the credit agency has plans to initiate new enhancements and alerting for it’s clients in the near future.
With the large scale data breaches at Target, P.F. Chang’s and Ebay, real time id theft alerts are becoming the latest trend in helping people know what’s going on with their identities. Other companies such as Capital One and AT&T are introducing spending alerts and mobile notifications, making it easier for consumers to spot fraudulent activity on their account and even allowing financial companies to confirm the physical location of it’s customers via push notifications. There are other solutions in the works that allow consumers to simply shut off their credit cards when not in use, to help prevent id theft and fraud.