I'm looking to finally get hold of my finances and keep an eye on credit as I've trying to build credit over the past couple years. FreeCreditReport.com was looking like a very attractive option, until I ran across an article on CNN listing FreeCreditReport.com as one of the biggest rip-offs in America.... Has anyone used Equifax's 3-in-1 credit monitoring product? I saw on their site that it's currently 25% the normal price, and I just wanted to know if anyone has used it and what makes it better or worse than any of the other credit monitoring products out there. Thanks!
How is it a ripoff? My understanding about freecreditreport.com is that it's misleading--they make all like they're going to give you a free report (which they do) but they do so only after you supply them with your credit card information so they can start charging you if you forget to cancel after 1 week. They also sorta kinda make like that's how you get your free annual credit report, which it is not. But if you're wanting to pay for credit monitoring from somebody, I don't see how paying experian is any more of a ripoff than paying equifax. Also, something that everyone should know about freecreditreport.com is that when you call to cancel, they INSTANTLY offer you 50% off to keep it in force for 6 months. But if you just keep the service without first threatening to cancel, they'll charge you full fare.
I have used credit monitoring in the past when it worked for bumping off hard inquiries - I don't know for sure now, but I think the credit reporting agencies caught on to this and just re-populate the inquiries if they see them missing. I don't like monitoring format reports because they are missing key data you would see if you went direct to the credit reporting agency and just got one of their reports. There are plenty of ways to snag free credit reports without paying. There is the www.annualcreditreport.com and the number is 877-FACT-ACT Consumers are entitled to free reports for: ID Theft, Looking for employment, having been declined employment - credit - or insurance, if a person is on public aid, also if a consumer was given an adverse action like higher interest rates. Consumers can call in to the credit reporting agencies numbers and snag free reports if any creditors have pulled credit reports on them within 30 days. The credit reporting agency only sees the inquiry they don't know who got denied or adverse action so if they see an inquiry they will send out a free report. This is great when you have current credit cards and companies keep accessing for periodic reviews. If you know about when a periodic review is due, you can call right in following that and score a free report. Experian - 888-397-3742 Equifax - 800-685-1111 TransUnion - 800-916-8800 Also if you have a credit report for say like Experian you can go online and access an old report with a file number and dispute what ever you want, when the investigation is over you should get an update from that credit reporting agency. I have done that too. The web site for Experian is: Dispute Credit Report information at Experian.com You just got to be creative and whala you can get free reports.
