PayPal Offers Free Equifax Credit Alert Monitoring

PayPal users can monitor their personal and financial information through the following Equifax products:

• Credit Alert Emails: Credit alert emails inform a PayPal user when there is an inquiry into the user's Equifax credit file. This alert provides a notification within 24 hours if someone tries to establish credit in the user's name.
• Balance-Change Alerts: A balance-change alert tells PayPal users if their credit card balances increase by a defined amount.
• Identity Theft Hotline: The identity theft hotline is a toll-free identity protection hotline that provides tips and valuable information for PayPal users who suspect they have been subject to identity theft.

"Already, PayPal customers are able to shop online with confidence because buyers can pay for purchases without sharing their financial information with the merchant," said Dana Stalder, senior vice president of PayPal marketing and business operations. "And today, with this new offering from Equifax, PayPal is one of the only online payment services to offer free credit monitoring services to its customers."

"With its millions of loyal users, PayPal recognizes the importance of security and privacy in the online marketplace," said Steve Ely, group executive, Personal Solutions, Equifax. "Equifax is committed to helping consumers and businesses protect themselves against identity theft. Our credit alert product gives PayPal users a convenient and easy way to help prevent their information from getting into the hands of identity thieves."

Credit monitoring plays an important role in helping consumers protect their most valuable asset - their personal and financial information. A 2005 Javelin Research study found that victims of identity theft who monitored their accounts online experienced financial losses that were almost 90 percent less than those relying on paper statements.