Is Experian a Scam? Can I Trust My Identity and Credit With Experian?
We’ve been receiving a lot of requests to do an article that answers the question..”Is Experian a scam?”.
Experian is one of the world’s major credit credit reporting agencies in the world. It’s also a massive business that earned 4.6 billion dollars in 2016.
In a nutshell, Experian is an identity/credit card protection company.
Considering that identity thieves are far too common these days, it isn’t surprising that some of our readers are interested in such a service.
There is also the fact that if you become a victim of identity theft, you could lose some serious money!
So, it isn’t a bad idea to get an extra layer of protection for your identity.
Now, just because Experian promises to wrap you up in a warm blanket of “safeness”, doesn’t mean they are exactly trustworthy.
In fact, there has been quite a bit of controversy regarding the services provided by this company.
Thus, some people call Experian a scam, while others claim that they are the holy grail of Identity Theft protection services.
So, what is the truth?
Which side should I believe in?
Am I going to be wasting my money on this service? Or is it going to be worth the trouble?
We got you covered with these questions in our Experian review, let’s begin.
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What is Experian?
Experian started off simply as a credit checking company, but has exploded in both size and customer base.
In fact, it is an international company with headquarters located in Brazil, United Kingdom, and United States.
It has tens of thousands of employers and reports billions of US dollars in revenue every year.
Basically, they are a big deal. Probably one of the biggest business information companies in the world, actually.
What Services are Available From Experian?
The company actually offers a wide variety of services:
1. Check Credit Score:
This is a popular service that allows you to check your current credit score online nice and easily.
Keep in mind, that the three credit bureaus (Experian, Equifax, and Transunion) are all required by law to give you one free credit report annually.
However, with Experian’s service you can choose to pay $1 to check out your credit report online at anytime.
But it is important to note that you will be required to sign up to this membership, and it has a lot of fine print. We will get into that later though.
2. Experian IdentityWorks:
As the name suggests, this service will help detect identity theft or even prevent theft from happening in the first place.
IdentityWorks is similar to the services provided by ID Watchdog and ID Shield (LegalShield). They more or less offer the same type of services. They of course have different pros and cons. More on that later.
3. Other Services:
There are other services that are pretty much self explanatory. These services include Free Credit Report, Correct Credit Report Inaccuracies, Fraud Alert, and more.
Experian Complaints: Is Experian a Scam?
Now that you understand what Experian is all about, let’s get to the important question at hand, “Is Experian a Scam?”
Inaccurate credit card reports and credit fraud is rampant in the United States. The only way to truly combat this type of fraudulent activity is to regularly monitor your credit report.
Now, considering that credit fraud is so common, having an annual credit report simply isn’t enough.
The quicker you can catch the breach in security, the easier you can fix it.
So Experian let’s you check your credit report both conveniently and quickly, why do people call it a scam?
Well, there are actually a lot of financial businesses that will allow you to look at your credit report for free. However, there are also other companies that require you to sign up to a costly membership for this type of service.
Unfortunately, Experian is one such company that does this.
You can get a 7 day trial that only costs 1 dollar.
After your trial is finished you will be charged $24.99 every month!
Considering that you only get a credit report every 30 days and an email every time there is a change in your credit report, this membership is very expensive!
Keep in mind that the identity protection services requires a different membership from Experian.
In other words, this $24.99 per month membership will not provide identity fraud services.
Here’s a snapshot from it’s official website:
Notice how it says you that can cancel anytime within the trial period.
Based on reviews. you might have difficulty canceling your membership once the trial period is over.
Here’s one such review:
Now of course reviewers aren’t the word of law.
But, you can understand why many people are having a hard time trusting this company, even though it is an official credit reporting agency.
Experian’s Identity Works? Is It a Scam?
As a refresher, Experian Identity Works is a service that protects you from identity fraud.
Now, this service seems to be legit. There isn’t any fine print that you have to watch out for.
IdentityWorks seems to be able to do a decent job in detecting, protecting, and resolving anything to do with Identity fraud.
However, IdentityWorks simply isn’t the best of it’s kind.
Why is that? Well for one, it is more costly than similar services.
You will have to shell out $19.99 every month for an IdentityWorks membership.
This is extremely expensive, especially when you compare it to the $9.95 a month identity theft plan from ID Shield.
The Bottom Line on Experian:
While Experian isn’t technically a scam, they are untrustworthy and offer prices that are not competitive.
Therefore, I recommend something like Legal Shield’s Identity Protection Services.
They offer services that are not only affordable, but also highly effective. They even offer an program program that you can use to make money online!
As for credit reports, there are many companies that will give you the information you need for free! You can start by asking your credit card company or bank!
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