Using Managed Informaton Cards for Credit Claims
One
potential use of managed Information Cards may be to help prevent
identity theft by enabling consumers to ensure that their credit
information is provided to merchants and credit grantors only in
response to a legitimate request for a new credit accout. If a
consumer is applying for such an account
online, the merchant or credit grantor (now a relying party) could
provide, on its website, a button which would invoke the consumer's
"identity selector." This selector would display those managed
Information Cards
that can provide verified credit claims about the consumer. If
the consumer has such a card, the selection of this
Information Card by the consumer, followed by authentication of the
consumer to the credit bureau, would result in a secure token
transmitted to the credit grantor / relying party, containing the
consumer's credit information.
One advantage of this use of Information Cards is that it would streamline and make more efficient the current methods available to consumers for preventing identity theft; namely fraud alerts and security freezes. The use of Information Cards in this way gives consumers a potentially better way to prevent their credit information from being made available to credit grantors when an identity thief is attempting to open a new account in the consumer's name.
One advantage of this use of Information Cards is that it would streamline and make more efficient the current methods available to consumers for preventing identity theft; namely fraud alerts and security freezes. The use of Information Cards in this way gives consumers a potentially better way to prevent their credit information from being made available to credit grantors when an identity thief is attempting to open a new account in the consumer's name.