I’m going to name my first born Equifax
A few weeks ago when I was in DC I received an email from Equifax.com that said this:
Dear Margie,
This e-mail is to notify you that the following change has occurred on your credit file:
- a collections account was added
I’m sorry, what? Did you say a collections account? Like the kind where I owe someone money and have not paid my bill and so my credit score will drop by 100 points? YES! That kind.
THANK YOU, EQUIFAX. Without your credit monitoring service I pay $8.95 a month for I wouldn’t have had one inkling that my suburb, twelve-year credit history had been assaulted by the customer service champs over at DirecPath (Direct TV installers) – a mistake that took my credit score from the top 3% of the US population to a just-barely-able-to-get-a-car-percentage.
So, I call DirecPath and say “Hi there, I was not even your customer when this alleged non-payment occurred so FIX IT.” Here’s the best part: Turns out that not only do I NOT owe them money, BUT THEY OWE ME $124.
I’ll give you a sec to process this.
I KNOW!
Anyway, after weeks of calling them and crying and stuff their answer was always “not sure how we can help, this is our mistake, but we don’t show you owe any money so, um, yeah.” Then they promise some supervisor will call me. I’m still waiting on that call …
Thankfully, you can dispute any information you believe to be fraudulent or just plain wrong from the Equifax website. I did that about seven days ago. Today I received an email from Equifax saying they had investigated my claim and have found I am not a collections case (I KNOW!) and will strike that negative mark from my credit record.
Still waiting on that DirecPath call…
Folks, sign up for some sort of credit score monitoring. If you don’t look out for your credit score no one else will. It’s 9 bucks a month that could keep you from being denied a car or home loan. DO IT. Do it now.
You can’t afford to have someone’s human error ruin your credit.
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Actually, unless you’re opening new credit accounts multiple times a year, I don’t see the value. You’re paying $108 a year to get these alerts, you can also get a free yearly free credit report, and responding to any incorrect info accordingly.
We built a house last year, and got the free report ahead of time to make sure things were OK. I don’t plan on opening any new accounts in the near future, so in the meantime, it doesn’t pay to have the monitoring service (which, by the way, costs them next to nothing to provide).
Hey Dirk! Great seeing you here!
I see your point, I’m just more than a little obsessive with my credit score. I’ve had two mistakes over the years that have tanked my score, which I was very grateful for learning about and settling before I needed to depend on my score for anything.
You are correct – the free credit reports are great. I’m just a fan of instant gratification and like the email alerts and customer service equifax provides. That’s piece of mind I’m happy to shell out $108 for. Ya know?
Here’s a frugal way to strike a balance between the no-monitoring and the monthy-monitoring-for-fees: Since you get one free credit reporter per year, per company, space them out.
I get my free report from one of the companies every four months and check to see if anything has changed, etc etc. It’s been a great way to stay up to speed with what’s going on in there even though I’m too cheap to pony up for the actual monitoring service.
Not a perfect fix, but it’s been a nice little in-between measure for me.
One other thing about the credit monitoring that bugs me is that really, the credit reporting firms should be paying YOU, because all you’re doing is improving the quality of their data, which is the “inventory” that they sell to their customers (the lending firms). What other industry gets away with charging people to provide them the opportunity to clean up their own mistakes?
Great blog, BTW, I try to extend my boundaries beyond just hockey reading!
I have the Equifax monitoring service as well, and I love it. I like knowing immediately if something is up, so I can take care of it asap. When I recently applied for a Home Depot card, I had a notification from Equifax within a week that the credit inquiry had been made. It’s definitely good peace of mind–it makes me feel like I’ve got a financial watchdog on my side. Good stuff…and totally worth it in my book.
Hey Jay and Tiffany! Thanks for commenting … I think we are all singing the same song here. Whatever the method – check in on your credit score. For real.
Dirk – nice to see you outside of hockey! But Go Preds anyway!
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