Each year, an estimated nine million U.S. consumers are victims of identity theft, which the Federal Trade Commission estimates costs individuals and businesses approximately $50 Billion. In almost all cases, consumers learn of such fraud only after they have been victimized, and are left facing costly and time-consuming repercussions. TrustedID Inc., a provider of consumer identity theft prevention solutions, today announced the launch of IDFreeze, a ground-breaking service designed to help consumers protect and control their credit. IDFreeze, available today at www.trustedid.com with a 30-day free trial, represents a major advance in consumer protection services by allowing individuals to proactively control access to their credit using TrustedID's simple online management tools.
"We started TrustedID with the fundamental belief that consumers have the right to control their own personal information," said Scott Mitic, co-founder, TrustedID. "We expect that Americans will embrace controlling their credit information the same way 50 million people supported the 'Do Not Call List.' If you care about the privacy of your home phone number, you should absolutely care about protecting your credit -- the foundation of every consumer's personal finances."
IDFreeze provides a suite of services to help reduce the number of Americans exposed to identity theft and credit fraud, including:
-- Lender DoubleCheck. Requires lenders to double-check with the consumer before issuing credit in his or her name.
-- CreditLock. Enables consumers to lock all access to their credit across all three credit bureaus, until they expressly request its release to lenders. TrustedID will manage the request authentication, as well as report access logistics with the credit bureaus. This service is available today in select states, and soon to be available nationwide from TrustedID, pending passage of federal legislation.
IDFreeze also monitors the Internet for compromised personal information and enables consumers to opt out from pre-approved credit offers, a leading cause of identity theft. The service is available for $7.95 per month, or $89.95 annually, with a 30-day free trial.
IDFreeze guarantees the safety of its customers' credit, standing behind this promise with $25,000 of identity theft insurance for each participating consumer. As an additional safeguard, TrustedID also promises identity restoration services from trusted professionals to any customer whose personal financial data is violated while under the protection of TrustedID.
"The big three credit bureaus, Equifax, Experian and TransUnion, have had a monopoly on the credit data system for far too long. Congress and state governments are trying to address this, passing legislation to put control back into the hands of the consumer," said Andreas Stavropoulos, Managing Director, Draper Fisher Jurvetson and investor in TrustedID. "Unfortunately, most people do not even know they have the right to control their credit. We're excited about the market opportunity for TrustedID to be the first company to enable consumers to proactively protect their credit."