New Identity Protection Tool From Fair Isaac

In mid October, Fair Isaac Corp announced a new online product called ID Fraud Intercept that should help consumers spot identity theft early on. The new tool is available at www.myfico.com. The company is using software that monitors over 400 public and commercial databases for addresses or phone number changes. The creation of an alternate address is often an early indicator that an identity thief is at work setting up new accounts or commandeering existing accounts. The company says its product is the first monitoring service that uses data from credit bureaus and other sources such as utility companies, vehicle registration papers and property deeds. Craig Watts, a spokesman for Fair Isaac, told the American Banker, "It can take awhile for creditors to report what's in their files to the bureaus. We thought only relying on credit reports was a little shortsighted."