Is Equifax a Scam?

Posted on May 21, 2015 in Credit Report Scams

Equifax is one of the three major credit reporting bureaus along with TransUnion and Experian. Equifax utilizes one of the largest sources of consumer and commercial data, along with excellent analytics to enhance the performance of both businesses and the lives of consumers. Equifax allows businesses, creditors, and lenders to make informed business decisions as well as helps consumers better understand what affects their credit rating. However, from to time Equifax has been known to make a few errors on some consumer.s credit histories. When these errors occur they can be quite difficult and time consuming to correct. Because of some of these general complaints from consumers some people tend to think Equifax is a scam.

Whenever someone has a negative experience with a specific company he will tend to think he is getting ripped off or part of some elaborate scam. Since Equifax is one of the largest credit reporting agencies there are bound to be a few customer service mishaps along the way. When millions of consumers use your service to obtain their credit histories there is going to be a couple of errors here and there. One of the most common complaints about Equifax is that consumers were charged a fee to obtain their credit report. It is important for consumers to realize that Equifax will charge you for their services if you request your credit history from their website. If you are looking for your yearly free credit report that the Fair Credit Reporting Act states you are entitled to you will need to visit annualcreditreport.com. The FTC states that you should not go to each individual credit reporting company.s website, as you will likely incur a fee for their services.

It seems to be that most of the complaints leveraged towards Equifax have to do with a lack of communication about what the consumer will receive and what the charge will be. Many consumers know that they are entitled to a free credit report once a year but find themselves going to the wrong websites to get this report, and find themselves being charged a monthly fee. If consumers would just wise up and read the fine print before signing up for anything on the internet they would realize that they are not receiving their free credit report from Equifax and that they need to go to another website to not be charged a fee. Knowing that Equifax does charge a fee to use their service consumers will have better understanding of what will happen should they request their credit score from Equifax.s website instead of annualcreditreport.com.

Back to blog