In general, those that care a great deal about their credit scores, or those that are working on repairing their credit would be the most obvious candidate for any credit monitoring service. And, they are! However, don't think the credit bureaus don't recognize that, and what's worse so do the collection agencies. If you think that's bad, how does it make you feel to know that the Credit Bureaus (Experian, Equifax, TransUnion, etc) are working WITH the collection agencies?
That's right, I said it. The collection agencies are getting YOUR information from the CREDIT BUREAU so they can track you down! Ever start working on your credit and just when you were almost there...you get hit with an old debt you never knew existed? Chances are the collection agency got your information from the credit bureau! Yep, that's right. You see they have this new system that sends alerts when a "trigger" has been activated in your profile:
Apply for a mortgage? They're coming for you!
Pay off your credit card? They're coming for you!
Pay off old collections? Here they come!
What's worse...if you sign up for any of those credit monitoring services (Truecredit.com, ChaseIdProtection, 123PrivacyMatters, EquifaxMonitoring Service, etc), you're even more at risk. Then they know for SURE all your most recent information, what your goals are, how often you look at your reports. Also, have you ever noticed that those services give you a survey or a "profile" to fill out as you sign up with them? That survey is sold directing to the collection agencies!
I was under the impression that the CRA's are supposed to work for the consumer, to help enforce the "Fair Credit Reporting Act", when in fact they are working for the collection agencies and providing all the details of your financial picture and personal information! What's "fair" about that?
I signed up for a credit reporting service and within a week a junk debt buyer had pulled a hard inquiry on me causing my score to drop. Found out the debt they alleged I owed was 10 years old, past the statute of limitations and the 7 year credit reporting period. I called the Credit Bureau and they won't remove the inquiry, that the burden lies on me to have the collection agency write a letter requesting for removal. Um, yeah, that's going to happen! Sure! Tell me this, if something is only allowed to stay on your credit report for 7 years, tell me how an inquiry is considered permissible purpose when the junk debt buyer is trying to attempt on a bogus debt that is over 10 years old?
The whole system is a joke. Keep your personal information private. Do NOT sign up for any credit monitoring services, you are putting yourself out there as a target for hungry junk debt buyers that at the very least will harass you to no end, but they could also hurt your credit in the process.
It's nice to know that this service we are PAYING for is actually used to HURT US. If anyone has had this happened to them, please post your report. We need to stop this!
New York, New York