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The new Equifax application lets you check your credit balance on your mobile device.
You' re always watching your e-mail and community networking with your phone, so it can be just as simple to monitor your credit. Equifax has just released the first portable application that allows customers to connect to their credit information via their smart phone. Equifax's portable application not only allows credit ors to be accessed from their smart phone, but also warns them when information about the report changes with alerts.
The user can then view the detail via the application. "An increasing number of people are using smart phones to connect to a wide range of goods and value-added activities, so it makes perfect business sense for them to be able to connect to their credit information in this way," said Neil Munroe, Equifax' outside affairs Director, in a press statement.
However, in order to take advantage of all the functionality, Equifax requires subscribers to register with Equifax and buy the necessary subscription-based service. According to Equifax, the application could help empower shoppers to review their credit records more regularly - and that's a good thing. Loan records often give the first hint to the victim that they are affected by scam.
Â If user see a new bankroll on their credit report they have not applied for, or if the amount of credit owed has risen without their knowing, probabilities are they are cheaters dropped committal. "â??We believe that [the app] will give customers a serious edge over ID cheats, because once they then receive an alert from us that their credit report information has actually materialised, they can use the application to check the details,â? Munroe said.
The victim can then report the scam earlier rather than later. Loan reporting can also be useful when requesting new loans. Creditors look at credit histories to determine whether a debtor is eligible and able to borrow more. Understanding what the creditor will see during his credit assessments can help the consumer know when to request a new loan.
"Any time they consider taking out new loans, they can quickly check their credit details in the application so they know how creditors will see them," Munroe said.