Equifax Review – Should You Try Equifax? What Are Other Users Saying?
Our Equifax review is about the credit scoring agency Equifax and their paid services that you are able to subscribe to. Equifax allows you to see your credit report. It is true that Equifax offers slightly more detailed reports than the free ones you get with Credit Karma, Credit Sesame, and others, but the extra detail and services are not a big deal in my opinion. However, you may judge for yourself with our Equifax review.
What Does Equifax Do?
Usually, you are able to buy a subscription to Equifax that allows you to see your credit rating and your credit report. However, at the time of writing (2017) there has been a rather large security breach and they have suspended paid accounts.
Equifax allows you to see your credit rating, your credit history and part of your banking history. They show you the same information that they pass on to creditors when you apply for credit/borrowing services. Equifax is one of three credit agencies that lenders go to in order to learn more about you.
Free Services Do It Better Than Equifax (In My Opinion)
When you use free services such as Credit Karma, Credit Sesame, etc. you get a snapshot of many of the most important details surrounding your credit rating, your credit report, and your banking history. The services offered by Equifax are a little more detailed. For example, if you have had court judgments against you, they show why and show if it is for things such as a car payment, medical, or things of that nature. Without going into too many details, simply understand that Equifax offers a slightly more detailed credit report than free services offer.
Does it make a difference that Equifax offers more detail? Not really. Only if you are in serious trouble should you need the extra details that Equifax offers. You may also need the extra details if you have just been declined credit and you wish to know why. However, if that is the case, the credit agency is legally required to give you a free copy of the credit report that they handed over to the lender who denied your application.
The Part I Don’t Like About Equifax
Equifax pulls the same marketing tactic that Experian pulls. They rope you in with a free trial, but they play down the fact that you have to cancel your free trial. If you do not cancel your free trial within a certain number of days, then Equifax starts charging you the regular fee.
Some people go for months without realizing that Equifax is drawing a monthly fee from their bank account or credit card. It is a very sneaky way of roping people in with promises of free stuff. What is more, even though Equifax are not obliged to give you a free trial of their premium services, they are obliged to give you at least one free credit report every year if you make the request. The word “Free” is thrown around all too much when it comes to companies like Equifax. What appears altruistic is not, and what appears free will often come with charges at a later date.
Equifax Has A Few Problems And A Very Bad Online Reputation
There are quite a few things about Equifax that are annoying. They do not offer a good service in my opinion. I consider their marketing tactics to be sneaky and unfair, especially when they throw the word “Free” around so much, and their security is clearly lacking.
The security breach that happened in 2017 was still a big problem at the time of writing, (near the end of October 2017). The security breach may have resulted in many people’s financial information being stolen by hackers, and Equifax are still unable to offer paid accounts because they cannot guarantee the safety of your payment details and/or your financial information.
In order to give you an idea of their poor/negative online reputation, I have summarized a few of their negative feedbacks online. At the time of writing, there are over 900 negative or poor reviews on ConsumerAffairs.com, and only five reviews that give the company a positive five star review.
Told There Was Suspicious Activity And Then Abandoned
Quite a few people have complained about the fact they have received communications from Equifax about suspicious activity on their accounts, and then Equifax has left them hanging. People have tried repeatedly to contact Equifax about their reported suspicious activity and have had no response and no solid answers. People are being told their information and/or their account may have been compromised, but people are complaining that they are not being told the extent or severity of the suspicious activity on their accounts.
Frozen And Now Cannot Unfreeze
After hearing about the security breach, people started to freeze their credit reports/accounts. Now that the storm has seemingly passed, or now that people need their credit reports, they are having a hard time unfreezing their accounts with Equifax. Many people have also reported that they cannot get past the automated phone systems to talk to a real person. Some complainers claim that they have to call different departments just to speak to somebody, at which point they are redirected back to the automated systems.
Getting Equifax To Follow Simple Instructions Is Too Difficult
There are old and new complaints about the inefficiency of Equifax and their customer service department. People have tried to do things such as remove their ex-spouses details, amend bankruptcy mistakes, and freeze their account without any success. If you have a problem or you wish to amend something, then you may run into trouble with Equifax. There are even people on ConsumerAffairs.com who have hired specialists to come in and try to help them change some of Equifax’s incorrect information, and where they have succeeded with Experian and TransUnion, they have failed with Equifax.
Failed Security Breach TrustedID attempts
After the security breach, people were told to enroll with TrustedID, which is a security program that was offered as a solution to the potential information leak. However, many people are complaining that even TrustedID will not work and will not allow them to register, and people are repeatedly complaining about the lack of customer support and how the phone lines are always busy for TrustedID.
Slow To Update Accounts
Quite a few people have complained that Equifax are very slow to update accounts. Some say that the information they are giving is erroneous, but in many cases it is because people are looking at old information that has not been updated yet. There are quite a few occasions where Experian and TransUnion have updated reports, and where Equifax is still lagging behind and giving different reports when compared with the other two credit agencies.
Equifax Rope You Into Fees That You Don’t Want To Pay
One of the most common complaints about Equifax (and TransUnion and Experian) is that they almost force you into paying fees. They sign you up with a free account and a free trial of their service. They then ask that you go ahead and cancel your free trial at a later date in order to keep your account free. If you do not cancel your account within the specified time limit, then they start charging you for your account. TransUnion, Experian and Equifax are all guilty of this nasty marketing maneuver, which is why other companies that offer free credit reports will often say, “No Free Trial, We Are Free Forever” because they know how annoyed people are with the free-but-not-so-free trial trick. Canceling your free trial is always overly difficult in a very unfair way.
Equifax Makes It Purposefully Difficult For You To Get A Free Report
I have read about many people having this problem, which is no surprise because I had the same problem when I tried the company personally for myself, and our research team has had the same problems too. I would say that it is easier to sign up for their free trial account and then cancel the free trial the next day after enjoying the free credit report—but canceling your free trial is tricky and downright difficult in almost all cases; the same is true when dealing with TransUnion and Experian.
Conclusion – Stay Away From Equifax (In My Opinion)
Can you overlook their flaws and faults? If you are able to overlook them, then maybe you should try them. Can you really overlook their:
- Recent and massive data/security breach from what may or may not have been a hack?
- Can you overlook what I consider to be sneaky marketing tactics?
- What about their inability to follow simple instructions?
- Can you overlook their fees when others are giving the information away for free?
- Are you able to overlook their poor quality customer support team?
- Can you overlook their unfair verification methods that often take weeks rather than hours?
- Are you able to ignore the wealth of negative online user reviews?
If you are able to overlook all of this, then maybe Equifax is the one for you. If any of these faults and flaws bother you, then stay away from Equifax. There are websites out there that offer most of your credit history/rating/report information for free. There are benefits to having fuller and more detailed credit reports, but the benefits for most people are negligible. Signing up for a Equifax is not going to improve your credit rating, and Equifax’s fuller credit reports are not going to hold secrets that will help you rank up your credit score any more than any of the genuinely free services out there.