Credit Report Bureaus

Discussion in 'Community Discussion' started by Huntn, Dec 3, 2017.

  1. Huntn macrumors P6

    Huntn

    Joined:
    May 5, 2008
    Location:
    The Misty Mountains
    #1
    Temped Title: The Credit Report Scam

    Premise: Credit Unions compile personal information on every person in the country who establishes credits and then wants to charge us to see our own info. Who said it was their info to use in a profit manner for themselves?

    Since the Equifax data breach back in Sept 2017, I have done some things.

    First I put security freezes on all my and my wife's credit report accounts handled by the big 3 Experian, Transunion, and Equifax. Equifax was free. Both Transunion and Experian charged $10 per account to put a security freeze on the accounts. The amount they can charge is state dictated, and pro-business Texas says sure, why not? :mad:

    Because Equifax (https://www.equifax.com/personal/) screwed up/got caught/finally admitted it, they are offering a free year of credit monitoring. I'm not actually sure if this if for everyone or just those effected. I say that because I was effected and have already signed up. For my wife, it said she was not effected, but it still offered what appears to be a free membership to their Trusted ID Premier for 1 year. You have till the end of Jan 2018 to sign up.

    Equifax Trusted ID Premier- This is their substandard product (my current impression) they set up to deal with the millions of people who were effected by the data breach, offering it as a means to have your credit protected, and in it, you can't even print out your credit report as a single pdf.
    Currently it's (the credit report) displayed in sections that if printed are printed out as individual documents.

    This really irritates me, and even more, today I called and ended up talking to someone in India. Which irritates the hell out of me when U.S. based companies have their call centers over seas. Nothing against citizens from other countries, it's just that it's another example rubbed in my face where my country's citizens are disenfranchised out of a jobs by U.S. corporations. :mad: I'll be trying to talk to them tomorrow when I can reach someone in the U.S.

    Transunion (https://www.transunion.com) I discovered offers a free program called Trusted ID that allows you to establish an account, then then lock and unlock your credit at will. This is what they should all have! So you don't have to pay the $10 for a Security Freeze on your credit report from them. Look for the My Free Identify Protection link on their main page.

    Last and Least: Experian (https://usa.experian.com/; https://www.experian.com/consumer-products/free-credit-report.html) who wants $25 a month to allow you to do what Transunion offers for free. When you establish an account and log into their site, you are presented with a billing page asking for your credit card info.

    Free Credit Reports? Look here: https://www.annualcreditreport.com/index.action
    Note: When I did this, the site was not able to provide me with a credit report online, but wanted me to mail them a form along with a copy of my SS number and driver's license. So much for convenience. :(
     
  2. jkcerda macrumors 6502a

    jkcerda

    Joined:
    Jun 10, 2013
    Location:
    Criminal Mexi Midget
    #2
    I have very crappy credit so I am not at risk :p
    --- Post Merged, Dec 3, 2017 ---
    I have very crappy credit so I am not at risk :p
     
  3. ActionableMango macrumors G3

    ActionableMango

    Joined:
    Sep 21, 2010
    #3
    You probably shouldn't have done any of that, nor should you be recommending that others do.
    1. The TrustedID terms of service that you just agreed to states that enrollees give up their right to sue Equifax and prevents them from filing or joining a class action in the case of any dispute — they’ll have to go to arbitration as individuals, which almost always places consumers at a disadvantage.
      https://www.theverge.com/2017/9/8/1...tection-class-action-lawsuit-terms-of-service

    2. The "affected checker" was complete BS in the first place. You could enter the same information twice and get two different answers, and you could enter clearly invalid information and still get an answer:
      http://www.zdnet.com/article/we-tested-equifax-data-breach-checker-it-is-basically-useless/

    3. By signing up for TrustedID, you've accepted a free trial for a paid subscription service. This is a sales tactic that normal companies do all the time, on the hopes that you'll forget that it automatically switches from free to paid after a period of time. Hopefully you didn't enter a credit card number and hopefully it won't continue the subscription service for a fee after the year is up. If you did, I would set a reminder on your smartphone to cancel in 11 months...set it right now before you forget.
    So basically you just used a checker that didn't actually check anything, threw away your rights to class actions and individual lawsuits, then signed up to do business with them.

    :(
     
  4. Huntn thread starter macrumors P6

    Huntn

    Joined:
    May 5, 2008
    Location:
    The Misty Mountains
    #4
    I've not looked at the terms of service, but my lawyer advised me that signing up for the service does not opt you out of a future class action lawsuit. Is he wrong? I don't know.

    The coverage lasts for a year at no cost.
     
  5. ActionableMango macrumors G3

    ActionableMango

    Joined:
    Sep 21, 2010
    #5
    Well reporters were saying the TOS included an arbitration clause. But I would trust a lawyer over reporters any day.
     
  6. jeremysteele macrumors 6502

    Joined:
    Jul 13, 2011
    #6
    The clause does not apply in this case.

    As with all of these posts - everyone misses Innovis, commonly referred to as the "fourth credit bureau". They are up and coming, and more businesses are using them each day. They offer an easy way to setup a freeze as well.
     
  7. Huntn thread starter macrumors P6

    Huntn

    Joined:
    May 5, 2008
    Location:
    The Misty Mountains
    #7
    Feb 2018 Update:
    To protect your credit from attempts to establish credit using your identity, short of signing up for credit monitoring, go to the 3 major credit reporting bureaus (In US only? I don't know) establish accounts and either lock or freeze your credit reports. Locking is preferable from a cost standpoint and is convenient.

    Equifax www.trustedID.com Establish account. Lock and Unlock your report for free.
    Transunion: https://membership.trueidentity.com/tucm/ Establish account. Lock and Unlock your report for free.
    Experian: https://www.experian.com/freeze/center.html Most regressive of the 3 bureaus. The most inexpensive way here is to freeze your account for a $10 fee to both freeze and unfreeze. However, once it is frozen you can leave it frozen because when you are applying for credit you can lift the freeze for a set number of days or provide the company you are seeking credit with a one time use access code, to see your account...for free.
     
  8. Apple fanboy macrumors Nehalem

    Apple fanboy

    Joined:
    Feb 21, 2012
    Location:
    Behind the Lens, UK
    #8
    We had a very interesting chat about credit and credit scores in the office last week. I had no idea the things people have to do to try and improve or protect there credit score.

    As for my own I have no idea. I'm very unlikely to ever have to worry about it tbh.
    No loans or credit cards in my past or future.

    Mortgage got paid off over a decade ago.
     
  9. AustinIllini macrumors demi-goddess

    AustinIllini

    Joined:
    Oct 20, 2011
    Location:
    Austin, TX
    #9
    Your credit is likely stellar if you paid of your loans ages ago.

    I used to agree with you on this front (the not needing credit thing), but it's pretty nice to be able to finance things at a low rate and invest the upfront cost instead
     
  10. shinji macrumors 65816

    shinji

    Joined:
    Mar 18, 2007
    #10
    I've never had to mail them anything. Verification issue?
     
  11. Huntn thread starter macrumors P6

    Huntn

    Joined:
    May 5, 2008
    Location:
    The Misty Mountains
    #11
    I don’t know. I put in the info and got a message that they could not provide the info online. Since then I’ve gotten at least one report and my credit is either locked or frozen at the 3 credit reporting companies.
     
  12. Apple fanboy macrumors Nehalem

    Apple fanboy

    Joined:
    Feb 21, 2012
    Location:
    Behind the Lens, UK
    #12
    I'm sure it is. Only ever had one loan though for the house.
     
  13. Huntn thread starter macrumors P6

    Huntn

    Joined:
    May 5, 2008
    Location:
    The Misty Mountains
    #13
    My impression is that you need to exercise your credit to keep it healthy. Having no debt, and no recent credit history could be bad if you want a loan at the lowest interest rate, but that is just an impression. Some spouses where everything was in their deceased husband’s name are at a distinct disadvantage, again my impression.
     
  14. Apple fanboy macrumors Nehalem

    Apple fanboy

    Joined:
    Feb 21, 2012
    Location:
    Behind the Lens, UK
    #14
    I can't picture ever needing one tbh. But I agree if you need a good credit score, you need to get a credit card and pay it off every month.
     

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13 December 3, 2017