Lincoln’s captive finance arm has launched a free credit monitoring and identity-theft protection package for all U.S. consumers who finance or lease with the lender.
Lincoln Automotive Financial Services hopes the package, which became available to consumers July 31, distinguishes its offerings from those of other finance companies, Krista Conyers, director of global marketing, told Automotive News.
The new services come as Ford Motor Co. looks to revive Lincoln and attract luxury shoppers to the brand.
The program is between Lincoln Automotive Financial Services and the consumer, but retailers are knowledgeable about the new package and can discuss it with consumers at the dealership, Conyers said.
“We’re always looking for ways to enhance the client experience,” she said. “We thought this was a product that added value.”
The package, which Lincoln purchased from credit reporting firm TransUnion, includes access to the following:
- Credit score data via VantageScore, a credit score developed by the three major national credit bureaus;
- Identity-theft protection with up to $1 million in identity-theft insurance coverage and no deductible, which is underwritten by insurance company subsidiaries or affiliates of American International Group, TransUnion said;
- Credit monitoring and activity alerts with unlimited access to the client’s TransUnion credit report; and
- An identity restoration specialist to help clients restore their identities if necessary.
Consumers can also upload their driver’s license, credit card and other important numbers. If a client’s wallet goes missing, the client can call the specialist, who will report the missing items to their issuers and begin the replacement process, a statement said.
Consumers who finance with Lincoln’s captive will receive an activation code within their first invoice. Once they activate, the program starts, Conyers said.
Coverage is free for two to three years, depending on the length of consumers’ loan or lease.
When the complimentary portion is up, TransUnion will contact client and offer them the option to extend the program for $16.95 per month, the company said.