Free Credit Alerts for PayPal Users

Identity theft stealing your peace of mind? Take control with Equifax Credit Alerts for PayPal Users.� So begins an offer for a free credit-monitoring service from PayPal for its U.S. account holders. PayPal is teaming up with Equifax to provide the service, which it describes as “an early warning detection system that monitors your credit file and alerts you to potentially fraudulent activities.�

The real deal.
PayPal users who sign up for the free credit alerts are directed to an Equifax website. Under terms of the free service, any time there is a key change in your Equifax credit file, such as a new account set up or a significant change in your credit-card balance, you will be notified by e-mail within 24 hours.

Does the PayPal plan pay off? “We generally don’t think it’s necessary for consumers to rely on expensive credit-monitoring services to protect themselves from identity theft before it occurs,� says Travis Plunkett, legislative director at the Consumer Federation of America. “But it’s free, so it’s OK as long as you’re not lured into paying for some expanded package.� David Rubinger, and Equifax spokesman, acknowledges that the program offers an opportunity to promote fee-based products to PayPal account holders, but adds that consumer are smart enough “to weigh for themselves what they feel they need or don’t need.�

NewsChannel 9 WSYR - Free Credit Alerts