Is Experian a Scam?

Posted on May 21, 2015 in Credit Report Scams

Experian is the newest of the three major credit reporting bureaus in the United States. Founded in 1980 Experian works with businesses and consumers to help deliver information about consumer.s credit histories. These credit histories are needed so that businesses can make sound decisions about who they will extend credit to and consumers can see what is affecting their credit rating, and make any necessary adjustments to their spending habits to fix their credit scores.

Like the other two credit reporting companies, Experian offers consumers the ability to request their credit history from their website. Experian charges a small monthly fee when consumers sign up for this service. It is from this fee that many consumers feel that Experian is a scam. Consumers looking to check their credit history believe they are going to receive a free credit report when logging onto Experian.s website. However, this is not the case as the only authorized website where you can receive a truly free credit report is from annualcreditreport.com. When these consumers request this credit information from Experian they are authorizing the company to charge their credit card $14.95 on a recurring monthly basis. Since these people do not realize they are allowing Experian to do this when they notice the charges on their bank statements consumers feel they are being ripped off by Experian, and that their company is a scam.

In order for consumers to realize that Experian is going to charge their credit card with a monthly fee for using their credit reporting service they need to read the fine print before agreeing to let Experian pull their credit report. It is possible to not be charged the $14.95 monthly fee as well if you contact Experian after receiving your credit report and cancel your membership.

Since Experian is one of the largest consumer credit reporting companies in the world it is more than likely they are around to stay. Consumers will need to be more diligent about what they are agreeing to when giving out their information on credit reporting websites. By understanding that the three major credit reporting bureaus will charge you a monthly fee for receiving your credit report via their website consumers will be able to avoid the miscommunication that often leads to Experian being labeled a scam. Remember if you are looking for your free credit report as stated in the Fair Credit Reporting Act you will need to visit annualcreditreport.com, which pulls your credit history from the three major credit reporting bureaus.

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