Beware Experian

[rbstern]

Like millions of others, I was a victim of the 2017 Equifax data breach. One of the remedies Equifax gave the victims was an extended of membership in the Experian credit monitoring service.

So, I used that service for the last three years. About two years ago, I bought a one time, extended credit report from Experian, as part of a mortage application process. So they had my credit card number. That was a mistake on my part!

I was just reviewing my credit card statement, and found that Experian had billed me $24.99 for each of the last three months, for a membership I never enrolled in.

I went back and reviewed my Experian emails (I save nearly everything). They send me a ton of marketing stuff. But no billing notices. No enrollment notices.

Went through customer service phone hell with them this morning, finally got them to cancel the membership and refund the most recent charge. Had to endure another customer service from hell phone call to get my credit card company to dispute the previous two monthly charges.

And then there's this: Had another fishy instance with Experian a few months back. They were heavily marketing this "credit boost" program where you could improve your credit score just by enrolling. I didn't need it and never did it. Shortly after that program started, with no changes to my credit on my end, and no explanation from them, my credit FICO dived about 50 points. I wondered if it was an attempt by drum up business for their credit boost program. I decided to wait it out. Sure enough, my credit score mysteriously returned to it's previous rating in a few weeks. No explanation.

Experian is doing shady ****. Avoid.

 

[StuP]

Not a fan of the whole 'credit score' system. A credit rating provider advertising a product to 'improve' credit ratings..... dubious at best.

 

[Hussar]

Freeze your credit at all six bureaus, not just the major three.

You are the PRODUCT not the consumer.

 

[Freshly Minted Georgian!]

A company that "impartially" tracks your credit score but sells a service to improve that "impartial" score???? No conflict of interest there!

 

[Shotgun Surgery]

Not a fan of the whole 'credit score' system. A credit rating provider advertising a product to 'improve' credit ratings..... dubious at best.

Having a good credit score usually just means that someone finds themselves into debt quite frequently. Smart people don't get into debt in the first place.

 

[Trailrider]

Having a good credit score usually just means that someone finds themselves into debt quite frequently. Smart people don't get into debt in the first place.

Not entirely true anymore. Credit scoring is even used as a risk based measure of auto and home insurance now as well as employment. It's not about going in to debt anymore, it's pretty much how anything risk based is measured now. Bad/no credit equals higher insurance premiums, difficulty in getting hired in certain job markets where you'll be handling finances, and trouble renting property if you don't have the means to buy property. Ask my coworker and brother, both of whom don't believe in credit.

I'll add to that, it's possible to use credit responsibly and make it work in your favor. I'm not a fan of debt either, just saying credit isn't all doom and gloom.

 

[Deleted member 79987]

I wondered if it was an attempt by drum up business for their credit boost program.

The credit bureaus are "for profit" companies -- they are not not-profits. They're no different or better than Walmart or the local vape shop down the street trying to get more business. But not more business from us the consumers, mind you. Their customers are banks and other firms that lend money. Actual consumers are part of the products & services they sell.

 

[The Old Jaybird]

Having a good credit score usually just means that someone finds themselves into debt quite frequently. Smart people don't get into debt in the first place.

So you buy your houses and cars with cash??

 

[lokidogg]

So you buy your houses and cars with cash??

I did for both.

 

[rbstern]

The credit bureaus are "for profit" companies -- they are not not-profits. They're no different or better than Walmart or the local vape shop down the street trying to get more business. But not more business from us the consumers, mind you. Their customers are banks and other firms that lend money. Actual consumers are part of the products & services they sell.

Never implied they arent for profit, nor do I mind honest attempts to make profit. When a company makes unauthorized charges, or charges based on "fine print that was so fine it was invisible," that's another ball of wax. It's a fraudulent practice.

We have so many companies who want recurring subscription revenue from customers these days, it's gotten tempting for some to see if they can slip monthly charges under the radar. I truly believe that's what this was. That, or bureaucratic incompetence.