| by Mr Credit Card |
GoFreeCredit.com is a credit monitoring service provided by Privacy Matters. In this review, I will slice and dice this service and even have a very funny story to tell. Read on!
Another Credit Monitoring Service? – GoFreeCredit.com is really another credit monitoring service. You obviously get your credit reports every month and a credit score. The reason anyone wants to get such monitoring service is that you will be alerted if there are any changes to your credit reports.
What type of score do you get – In addition to getting your credit reports and having it monitored, you will also get your “credit score”, or so they claim. But exactly, what credit score? I tried to find out. But nowhere on the site was there any phone number to call. So I decided to enter a bogus email address bullshit@yahoo.com into the form and it took me to another page where there were more details about the fees and the terms and conditions. (See screenshot below).
The Phone Call – I managed to reach a customer service rep who sounded like they did not come from this country! (sounded Mexican). I asked her what sort of score do I get. She did not understand at all. So I had to explain to her that you can either get the FICO score, Vantage Score or a score that is developed by themselves. She put me on hold and spoke to a supervisor. She came back and told me that we will get a “score” that is given by all three bureaus. But it is not three scores, but just one score (so it could potentially be a Vantage score since they claim it should be the same across the board). But she did not know, and I could not be bothered to probe further cos I suspect it will get me nowhere.
Fees – You are given a 7-day “free trial” and if you choose to continue the service, you will be billed $29.95 a month. In addition, you will be billed an extra $2 a month for a membership to a “savings club”, which is absolutely ridiculous and a blatant upsell. You actually have to call a toll free number to opt-out of this “savings club” membership!
Verdict and Opinion – Let’s face it, $29.95 a month is an expensive fee to pay a month to get access to your credit report when you can get it free once a year and furthermore, you do not even get your FICO scores! And they even automatically enroll you in some savings club! Avoid this deal. Most of the better ID theft protection services provide the same service for much cheaper (about $15 a month) with much more benefits. This is simply an overpriced offering!
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December 15th, 2010 at 22:34
This is a decent review, but is not a complete answer. You can definitely find $15 per month ID theft protection, but you will not get all 3 credit scores, and updated credit score and credit report information each month.
Not knowing your Credit Scores are one of the most irresponsible things that happens to most consumers, hurting their chances to qualify for a mortgage, a loan and even credit cards.
Not having any monitoring of your credit reports from all 3 credit bureaus, whether you check it yourself each month, or use a service is asking to be a victim of ID theft and credit fraud that hits over 10,000,000 Americans EVERY year.
Its fun to pick on companies, but not fun to have your credit ruined, or to get denied an opportunity to buy a home or a car.
December 15th, 2010 at 22:36
One more clarification — who do you think “developed” the Vantage Score and FICO Score? The Credit bureaus! They made them up based on their own forumula’s and use the to make money when selling to banks and consumers. Nothing wrong with the practice, but unless you understand the different between an Equifax Credit Score, a FICO score, a Vantage Score, an Experian Score or all the others, why would you judge another Score?
PS — is there some problem with hiring mexican (or spanish-speaking) people? That was an off comment in the review that puts a red-flag at your intentions.
December 15th, 2010 at 22:45
FICO score is developed by Fair Isaac Corporation and is the main score that most lenders use. Vantage Score is developed by the credit bureaus. But because FICO is the main score used by creditors and lenders, other “proprietary scores are meaningless. Fair Isaac obviously charges for them and credit bureaus cannot give away “free credit scores” that are not FICO. Hence, I think one of the reasons they have come up with a variety of scores is because so they can offer “free scores” along with their “credit monitoring services” (though they claim it is a “better reflection of one’s credit profile”).
Re: customer support – I was merely reporting on my experience with them. (I actually called them – and you can interpret it however you want). Some folks never like to buy products with overseas customer support.