| [June 15, 2004] |
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myFICO.com Sets New Standard in Identity Theft Protection for Consumers
MINNEAPOLIS --(Business Wire)-- June 15, 2004 -- New myFICO(R) Identity Theft Security Product Line Offers Consumers a Complete Range of Identity Theft Protection, Starting at Only $1.95 a Month
myFICO.com, a division of Fair Isaac Corporation (NYSE:FIC), has announced the launch of myFICO(R) Identity Theft Security, the industry's most complete line of products and services for consumer identity theft and credit protection.
myFICO Identity Theft Security delivers unequaled value to consumers, providing the same powerful identity theft protection as other consumer services at a significantly lower cost. For less than $2 a month, the Standard version of Identity Theft Security provides significant protection by constantly monitoring over 400 sources of public data for subtle changes to a borrower's personal information, which can be an indication that fraud is being attempted. At $4.95 a month, the Deluxe version is one of the lowest-priced, yet most powerful products on the market, and is the only security product that includes quarterly monitoring of the consumer's FICO(R) credit score.
"Most people are learning that the critical damage caused by identity theft is not so much the fraudulent charges, which in some cases are covered by the creditors," said Russ Mann, vice president of market management at myFICO. "What's most critical is the amount of time it takes to resolve identity theft issues and the damage it can do to your FICO credit score, which may increase the interest rates you pay on credit cards and home loans and in some cases can make credit unavailable when you need it most. With myFICO's broad Identity Theft Security product line, people can easily select the protection level that best fits their needs."
The myFICO Identity Theft Security line offers consumers three levels of protection: myFICO Identity Theft Security Standard, myFICO Identity Theft Security Deluxe and myFICO Identity Theft Security Premium.
myFICO Identity Theft Security Standard starts at $19.95 per year, or $1.95 per month. It features:
-- Continuous monitoring -- myFICO Identity Theft Security Standard monitors more than 400 data sources at regular intervals to help spot changes to a customer's name, address, phone number, date of birth or social security number that could indicate that identity theft has occurred. Customers can elect to have a weekly status update of monitoring activity emailed to them. When a suspicious change is detected, a myFICO security alert is emailed instantaneously.
-- Identity theft insurance -- In the event of identity theft, consumers are covered under a $25,000, $0 deductible identity theft insurance policy.
-- Toll-free help line with personal assistance -- If fraud is detected, consumers can simply call the toll-free phone number, and myFICO's identity theft specialists will help them file a local police report and a complaint with the Federal Trade Commission. Assistants also help place a "fraud alert" on each of the consumer's three credit reports to help prevent further identity abuse.
myFICO Identity Theft Security Deluxe starts at $49.95 per year or $4.95 per month. In addition to all the features of ITS Standard, it features:
-- Automatic FICO score and credit report checking -- Customers receive one FICO credit score and credit report with their purchase, and three additional scores and reports quarterly thereafter. Accompanying each installment is a detailed analysis of what exists in their credit report, what items may be evidence of possible theft, and recommended corrective action.
-- FICO credit score tracking monitors -- myFICO Identity Theft Security Deluxe also includes quarterly tracking monitors that allow consumers to see how their FICO score may have changed over time. This unique big-picture advantage gives them the ability to understand, at a glance, how detected activity could affect their score.
myFICO Identity Theft Security Premium, which will soon be available through certain bank partners and on the myFICO.com Web site later this year, gives consumers all the benefits of the Deluxe product, but with the added strength of Fair Isaac's Falcon(TM) Fraud Manager, the world's leading fraud prevention solution for credit, gasoline and retail card issuers. Falcon minimizes fraud losses by detecting fraudulent card transactions in real time, then instantaneously alerting the customer.
Identity theft has been called the fastest growing crime in the country by the U.S. Federal Trade Commission. The FTC says that over 11 million people were victimized by identity theft last year. Without ID theft insurance, the U.S. Federal Trade Commission estimates that victims typically spend $800 in out-of-pocket costs to correct their credit profiles. On average, identity thieves stole nearly $7,000 per victim last year.
About myFICO and Fair Isaac
The FICO credit score is used to make billions of credit decisions each year, including more than 75 percent of mortgage loan originations. In addition, more than 40 of the nation's 50 largest financial institutions rely on the FICO score to help them determine an individual's credit risk. Through the www.myFICO.com Web site, consumers use the company's FICO scores, the standard measure of credit risk, to manage their financial health. The myFICO Web site offers informative, actionable credit information services that help people improve and protect their overall financial health. Through www.myFICO.com and its associates, over three million FICO score-based information products have been purchased to date.
Fair Isaac Corporation (NYSE:FIC) is the preeminent provider of creative analytics that unlock value for people, businesses and industries. The company's predictive modeling, decision analysis, intelligence management, decision management systems and consulting services power billions of mission-critical customer decisions a year. Founded in 1956, Fair Isaac helps thousands of companies in over 60 countries acquire customers more efficiently, increase customer value, reduce fraud and credit losses, lower operating expenses and enter new markets more profitably. Most leading banks and credit card issuers rely on Fair Isaac solutions, as do insurers, retailers, telecommunications providers, healthcare organizations and government agencies. For more information, visit www.fairisaac.com.
Statement Concerning Forward-Looking Information
Except for historical information contained herein, the statements contained in this press release that relate to Fair Isaac, including statements regarding its myFICO offering, and the benefits to be derived from this offering, are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including any unforeseen technical difficulties related to the implementation, use and functionality of the offering, the risks that customers will not perceive material benefits from the offering, failure of the product to deliver the expected results, the possibility of errors or defects in the offering, regulatory changes applicable to the use of consumer credit and other data, and other risks described from time to time in Fair Isaac's SEC reports, including its Annual Report on Form 10-K for the year ended September 30, 2003, and quarterly report on Form 10-Q for the period ended March 31, 2004. Forward-looking statements should be considered with caution. If any of these risks or uncertainties materializes or any of these assumptions proves incorrect, Fair Isaac's results could differ materially from Fair Isaac's expectations in these statements. Fair Isaac disclaims any intent or obligation to update these forward-looking statements.
Fair Isaac, FICO and myFICO are trademarks or registered trademarks of Fair Isaac Corporation in the United States and/or in other countries.
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