Credit Monitoring Services Are Not Worth the Cost

Credit monitoring services advertise heavily in the media. For a monthly fee, they promise to alert you of any adverse changes in your credit reports. They are a waste of money for the vast majority of consumers. This is Liz Weston’s conclusion as she reports on the MSNBC Money site. There are many reasons they are not worth the costs. Number One–they lie. They advertise free credit scores, but the credit monitoring they are selling is not free. Consumers often sign up for and only later realize they agreed to make monthly payments when the bills start coming in. Some...

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NY Times Reports on the High Cost of a Free Credit Report

The NY Times reports that Experian is spending $70 million per years advertising its FreeCreditReport.com site where many consumers log on deceived into believing they will get a “free” credit report. For example, one person provided his credit card information thinking it was needed for identification only to find Experian charged him $14.95 a month for a credit-monitoring service. The Experian website is not the one site where the credit report is free–that would be www.annualcreditreport.com. In 2005, the FTC sued Experian for deceptive marketing of its FreeCreditReport; Experian paid the FTC a fine of $950,000 settle.. The Experian credit-monitoring...

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Credit Monitoring Services Are a Waste of Money — Free Alternatives Are Available

Writing in the San Francisco Chronicle, Kathleen Pender demonstrates that the credit monitoring services offered by the credit bureaus and other companies at a cost of $60 to $200 a year are a waste of your money. The services won’t detect many types of identity theft and it is pretty easy to check your credit reports for identity theft for free. Credit monitoring services promise to notify you of “key” changes in your credit reports by email or cell phone text message. How soon you are notified varies; Equifax offers daily notification, but the notification could be 30 days after...

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