TransUnion® (NYSE: TRU) and Equifax Inc. (NYSE: EFX) have entered into an agreement to launch a first-of-its-kind identity theft protection feature, Multi-Bureau Lock, that allows customers to lock both their TransUnion and Equifax credit reports. This agreement reinforces Equifax and TransUnion’s shared commitment to identity theft protection and data security by making it easier and more effective for consumers to monitor their credit.
The feature is now available within TransUnion’s Credit Lock and the Equifax Lock & Alert product. TransUnion and Equifax customers can quickly and easily lock both credit reports through either bureau’s platform, instead of contacting each bureau, individually. In addition, Transunion and Equifax customers can activate the product feature through their existing product.
Activating the Multi-Bureau Lock feature gives customers added control over their Equifax and TransUnion credit reports by allowing them to limit access to their TransUnion and Equifax credit reports with a simple swipe or click. The Multi-Bureau Lock feature allows customers to unlock their credit reports at a moment’s notice to allow access for desired credit inquiries.
“Multi-Bureau Lock is an important solution to a growing problem. Personal information is more vulnerable than ever and many people don’t even know their identity has been stolen until it is too late. Data safety is a top priority, and through this relationship, TransUnion and Equifax are joining forces to make it faster and easier for customers to better protect their identities,” said Heather Battison, Vice President of TransUnion
The threat of identity theft continues to grow in the United States, where more than 15 million people lost a combined $16 billion as a result of identity theft in 2016, according to a February 2017 Identity Fraud Study from Javelin Strategy & Research. The number of Americans victimized each year has been steadily rising since 2014, and Javelin reports that 2016 experienced the highest identity theft incidence since it began tracking identity fraud in 2003.
“This product feature provides another line of defense against cyber-thieves and fraudsters, and gives our customers more control over when or who might access their information,” said Assad Lazarus, Senior Vice President, Product and Customer Experience, Equifax. “Equifax and TransUnion have a shared vision to empower customers with the identity theft resources they need to help better protect their personal and financial information.”
Customers who activate the Multi-Bureau Lock feature can help better protect their identity and monitor their credit by limiting access when they are not shopping for loans or applying for credit. When activated, the feature helps to limit access to TransUnion and Equifax credit reports. In the event a customer needs to unlock their TransUnion and Equifax credit reports to apply for a loan, they can easily and conveniently unlock their Equifax and TransUnion credit reports.