March 23, 2006
Competition heats up in data protection market
Access to credit information is proving to be a tug-of-war between businesses and consumers. The recent announcement that Experian, Equifax, and Trans Union -- big players in the credit market -- were introducing their own multi-agency credit score was a new front in this ongoing struggle.
So, what exactly is the problem here? It’s obvious that consumers like you and me, would want easy access to credit information, accurate reports. We also want to be in control so that we can freeze or protect our credit against identity theft. The financial services industry does want all this and they also want to make credit instantly obtainable, thereby making it a profitable venture.
The result is there for all to see –inaccurate credit reports, identity theft, and hefty fees for "credit monitoring" after your identity has been made available to thieves. And now we have a new player in the game – TrustedID – a new credit-monitoring company that claims to protect your identity. According to its founders, TrustedID is specifically designed to help prevent identity theft. All I can say about this new addition is let’s wait and watch. We’ll surely know in a bit if this is just one more run-of-the-mill service provider or whether it really means business.
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