4 ms·

Unfortunately these "credit monitoring services" are basically useless. The only real solution is to "freeze your credit" which makes credit inaccessible to any

by keltex 16y ago

Unfortunately these "credit monitoring services" are basically useless. The only real solution is to "freeze your credit" which makes credit inaccessible to anyone unless you provide an unlock code (which temporarily "thaws" your credit). The cost ranges from $3-$10 per person per bureau to freeze a credit report which is considerably cheaper than the $10/month lifelock service. More information on how to do this here: http://clarkhoward.com/topics/credit_freeze_states.html http://clarkhoward.com/topics/credit_freeze_states.html

natrius 16y ago
Isn't that kind of extortion? "We've collected all of this data about you, and we'll give it to anyone unless you pay us some protection money."
- kareemm 16y ago
  absolutely. i've had "build a better credit bureau" on my ideas list for a couple years now. it's a multi-billion dollar industry that could be waaaay more consumer-friendly.
  - run4yourlives 16y ago
    It is consumer friendly. Credit bureaus are designed to protect lenders, not lendees.
    - kareemm 16y ago
      lenders are customers, not consumers. but lendees are customers in teh same way facebook's users are customers. experian and transunion build a business off the backs of consumer data. consumers are reliant on their records, but generally have to pay to get access to them, even to correct a report. like i said - it's a big, staid, slow-changing opaque industry. looking at it through the right lens makes for a big opportunity.
      - run4yourlives 16y ago
        >lenders are customers, not consumers. I think you need to re-read that, then explain the difference. A "consumer" is not a class of person, it is the act of being a customer.
cullenking 16y ago
Thanks for the headsup, no idea how I managed to miss this technique. It's hilarious that this is what it takes to not be screwed by the current credit system.
russell_h 16y ago
Does anyone (trustworthy) offer a decent centralized interface for managing these credit freezes? I'd happily pay a little extra for such a service.
nym 16y ago
Thank you, I just did this. Cost me $30, but I believe worth it.

by keltex 16y ago

natrius 16y ago

Isn't that kind of extortion? "We've collected all of this data about you, and we'll give it to anyone unless you pay us some protection money."

kareemm 16y ago
absolutely. i've had "build a better credit bureau" on my ideas list for a couple years now. it's a multi-billion dollar industry that could be waaaay more consumer-friendly.
- run4yourlives 16y ago
  It is consumer friendly. Credit bureaus are designed to protect lenders, not lendees.
  - kareemm 16y ago
    lenders are customers, not consumers. but lendees are customers in teh same way facebook's users are customers. experian and transunion build a business off the backs of consumer data. consumers are reliant on their records, but generally have to pay to get access to them, even to correct a report. like i said - it's a big, staid, slow-changing opaque industry. looking at it through the right lens makes for a big opportunity.
    - run4yourlives 16y ago
      >lenders are customers, not consumers. I think you need to re-read that, then explain the difference. A "consumer" is not a class of person, it is the act of being a customer.

cullenking 16y ago

Thanks for the headsup, no idea how I managed to miss this technique. It's hilarious that this is what it takes to not be screwed by the current credit system.

russell_h 16y ago

Does anyone (trustworthy) offer a decent centralized interface for managing these credit freezes? I'd happily pay a little extra for such a service.

nym 16y ago

Thank you, I just did this. Cost me $30, but I believe worth it.