Equifax

Finance Blog

Stay financially savvy with the Equifax Advisor.

Sign up for our FREE Monthly Email Newsletter

 

Thank you for signing up for the FREE Equifax monthly newsletter

In addition to keeping in the financial know, you may be interested in checking your credit score and report.

Understand your credit. Help protect your identity.

Equifax Complete™ Premier Plan

  • Know What May Influence Your Credit Score and Be Alerted of Changes
    Credit score monitoring with custom alerts
    Important Disclosure: The Equifax credit score and 3-Bureau credit scores are based on an Equifax credit score model and are not the same scores used by 3rd parties to assess your creditworthiness.¹
  • Help Protect Your Identity
    Automatic fraud alerts encourages lenders to take extra steps to verify your identity²
  • Lock Your Credit
    The ability to lock and unlock your Equifax Credit Report³
Save 75% your first 30 days with the purchase of Equifax Complete™ Premier

$4.95 for the first 30 days, then $19.95 per month thereafter. You may cancel at any time; however, we do not provide partial month refunds.4

¹The credit scores provided under the offers described here use the Equifax Credit Score, which is a proprietary credit model developed by Equifax. The Equifax Credit Score and 3-Bureau scores are each based on the Equifax Credit Score model, but calculated using the information in your Equifax, Experian and TransUnion credit files. The Equifax Credit Score is intended for your own educational use. It is also commercially available to third parties along with numerous other credit scores and models in the marketplace. Please keep in mind third parties are likely to use a different score when evaluating your creditworthiness. Also, third parties will take into consideration items other than your credit score or information found in your credit file, such as your income.

²The Automatic Fraud Alert feature is made available to consumers by Equifax Information Services LLC and fulfilled on its behalf by Equifax Consumer Services LLC.

³Equifax Credit Report Control™ is only available while you have a current subscription to Equifax Complete Premier. Locking your credit file with Equifax Credit Report Control will prevent access to your Equifax credit file by certain third parties, such as credit grantors or other companies and agencies. Credit Report Control will not prevent access to your credit file at any other credit reporting agency, and will not prevent access to your Equifax credit file by companies like Equifax Personal Solutions which provide you with access to your credit report or credit score or monitor your credit file; Federal, state and local government agencies; companies reviewing your application for employment; companies that have a current account or relationship with you, and collection agencies acting on behalf of those whom you owe; for fraud detection and prevention purposes; and companies that wish to make pre-approved offers of credit or insurance to you. To opt out of such pre-approved offers, visit www.optoutprescreen.com/.

4We will require you to provide your payment information when you sign up and we will immediately charge your card $4.95. After that, we will charge the card $19.95 for each month you continue your subscription. You may cancel at any time; however, we do not provide partial month refunds.

Equifax® is a registered trademark and Equifax Complete™ Premier is a trademark of Equifax, Inc. © 2014, Equifax Inc., Atlanta, Georgia. All rights reserved.

Need Credit Card Insurance? You Might Already Be Covered

Written by Linda Rey on December 3, 2010 in Insurance  |   1 comment

Need Credit Card Insurance? You Might Already Be Covered When I think, “Credit cards,” I think, “Plastic.” When I think, “Plastic,” I think, “Plastic surgery.” It’s not such a stretch—some people need help as drastic as plastic surgery to manage their spending habits and prevent…

Need Credit Card Insurance? You Might Already Be Covered

When I think, “Credit cards,” I think, “Plastic.” When I think, “Plastic,” I think, “Plastic surgery.” It’s not such a stretch—some people need help as drastic as plastic surgery to manage their spending habits and prevent credit card fraud.

Have you heard of credit card insurance? It’s a type of insurance that protects the cardholder in the event that he or she cannot make payments. There are other types of credit insurance, too, such as for auto loans and mortgages. Check with your bank to see if it offers credit card insurance.

Do You Need Credit Card Insurance?

As with all kinds of insurance, the answer to this question depends on you and your particular financial needs.

Outstanding debt can be a burdensome worry if you’re facing the possibility of a loss of income. The first thing you should do is review your financial needs, on your own or with a trusted financial professional.

I never liked math much in school, but sometimes simple math is a huge consideration in the insurance decision-making process. If you’re exploring credit card insurance options, find out the rate and how it’s applied, and then determine what you’ll have to pay. For example, if the rate is $.82 against each $100 of debt, and your monthly balance is $7,500, you’re looking at $61.50 per month, or $738 annually. How does that compare to your monthly minimum payment?

To make it worth your money, credit card insurance should provide coverage for the following scenarios:

  1. You become disabled.
  2. You die. (In this case, the coverage would be debt cancellation.)
  3. Property purchased on credit per the terms of agreement is destroyed. (Again, you need debt cancellation in this case.)
  4. You are involuntarily unemployed.

With regard to disability or death, if you’ve secured disability and life insurance policies, it’s possible you already have the insurance coverage and financial resources to address your debt obligation. (If you’ve read my previous blogs, you know I’m a proponent of exploring life insurance and disability insurance as prudent additions to your financial portfolio.)

Again, it’s about the math. It may be more cost-effective and allow you more flexibility to purchase life and disability policies rather than credit card insurance. Research your options with the credit card company and with your financial planner and/or insurance professional.

If You Do Buy Credit Card Insurance

Inquire about exclusions.You may have reasons for buying credit card insurance that prevent you from getting the coverage you want. For example:

  • You are buying it to cover employment and are currently unemployed. Your unemployment may be considered a “preexisting condition.”
  • You are buying it because you are 82 years of age and haven’t been able to pay off your debt. You don’t want to burden your loved ones with the debt obligation, but the coverage may not extend to persons over the age of 80.

Be wary of free trials. You may want to test-drive the insurance with the free trial that many of these plans offer, but make sure you fully understand the requirements and cancellation policy of the free trial.

Understand your options. Closely examine the plan’s cancellation requirements and flexibility.

Remember, read the fine print and make sure whatever credit card insurance policy you buy is cancellable on demand. Then, do your due diligence to make sure that the company offering the policy (and standing behind the policy) is legitimate. Google the name of the insurance company and the word “complaint” to see what kind of experiences consumers have had.

Linda Rey is a licensed insurance agent at Rey Insurance with a broad spectrum of expertise in life, accident, health, property and casualty insurance as well as retirement planning and college funding strategies.

Follow Linda on Twitter.

READ MORE:

Summer Toys: Insuring Your Pool, Trampoline, or Boat
Business Insurance Can Help Your Business Grow
Workers’ Compensation Won’t Work For You
FAQs About Disability Insurance

1 comment

  1. Editor, Equifax Personal Finance Blog says:

    "Excellent post! Great information's!

    Thank you for sharing!"

    Adam commented on this post via ActiveRain: http://activerain.com/blogsview/2001090/need-credit-card-insurance-you-may-already-be-covered


Leave a Comment


Name :


Commenting guidelines

We welcome your interest and participation on this forum, but be aware that comments will be published at Equifax's sole discretion. Please don't use this blog to submit questions or concerns about your Equifax credit report or raise customer service issues. Instead, you should contact Equifax directly for all such matters and any attempts to do so in this forum will be promptly re-directed.

Some other factors to consider when commenting:
  1. Registration and privacy. While no registration is required to visit our forum, participants wishing to post a message must register by creating an account. All personal information provided by forum members incident to registration is governed by our Terms of Use and Privacy Policy.
  2. All comments are anonymous. We'll delete your name, e-mail address, and any other identifying information, including details about your investments.
  3. We can't post or respond to every comment - As much as we'd like to, we can't post every comment, nor can we guarantee that we will respond to each individual message. All questions or comments about your Equifax credit report or similar customer service issues should be handled by contacting Equifax directly.
  4. Don't offer specific legal, tax or financial advice. All of the materials on this Site are for information, education, and noncommercial purposes only and this forum is not intended as a means of expressing views or ideas regarding any specific legal, tax, or investment advice. While offering general rules of thumb is both permitted and encouraged, recommending specific ideas or strategies regarding investments, taxes, and related matters is prohibited.
  5. Credit Repair. This blog is not intended as a venue for the discussion or exchange of ideas regarding credit repair or other strategies intended to assist visitors and community members improve or otherwise modify their credit histories, ratings or scores.
  6. Stay on topic. Your comment should be concise and pertain to the specific post in question.
  7. Be respectful of the community. The use of profanity, offensive language, spam, and personal attacks will not be tolerated and egregious or repeat offenders will be banned from future participation. We encourage disagreement and healthy debate, but please refrain from personal attacks on our WordPresss and contributors.
  8. Finally: Participation in this forum may be terminated by Equifax immediately and without notice for failure to comply with any guidelines or Terms of Use. As such, you should familiarize yourself with all pertinent requirements prior to submitting any response through the blog or otherwise. All opinions expressed in this forum are solely those of the individual submitting the comment, and don't necessarily represent the views of Equifax or its management.

Equifax maintains this interactive forum for education and information purposes in order to allow individuals to share their relevant knowledge and opinions with other members and visitors. We encourage you to participate in discussions about personal finance issues and other topics of interest to this community, but please read our commenting guidelines first. Equifax reserves the right to monitor postings to the forum and comments will be published at our discretion. Do you have questions or comments about your Equifax credit report or customer-service issues regarding an Equifax product? If so, please contact Equifax directly. All opinions and information expressed or shared in blog comments are solely those of the person submitting the comments, and don't necessarily represent the views of Equifax or its management.


Insurance Archive