Tag Archives: credit file

How to Set the Credit Score Monitoring Alert Settings for Your Equifax Account

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When our credit card information became at risk of being stolen and misused due to a security breach at Home Depot, we applied for and received a free Equifax Credit Protection Plan. The only thing was I wasn’t sure what we needed to set up or do once we had an id and password. We knew we wanted to pounce on any inexplicable changes in our Credit Score, though, so one of the first features I evaluated was how to set up the credit score monitoring alert system for our Equifax account.

What Does Equifax Mean By “Credit Score Monitoring?” and What Types of Fraud Will You Get Warned About

If you’re like me, you’ve never cared very much about your credit score because you’ve always paid your bills on time in full. So I wasn’t even sure what we are talking about.

Equifax provided this list of information on their website. They said you will be alerted to the following items that might change your credit report or might indicate someone is posing as you and trying to put your name on their bills.

  • A request to change an account.
    For example, a fraudster posing as you might ask to increase a credit limit on a credit card before using it to make huge purchases; or they might ask to change the address for the card’s bills to delay you finding out about the identity theft. While they don’t ask Equifax to do these things, the credit card issuer may report the increase in credit limit to Equifax or may contact Equifax to provide an updated address for you.
  • A request for a new account.
    For example, a fraudster might try to open a new credit card posing as you. The new card will be reported on your list of credit cards from Equifax.
  • A request to change a name or address.
    For example, a fraudster could be trying to change the address for you on your file before applying for a new credit card using your name and id but asking for it to be mailed to his/her address. Then when, say, AMEX checks your credit file the address matches the one on the new card application form. You, of course, won’t know he/she applied for this card because it won’t arrive at your home but instead at the fraudster’s home.
  • An inquiry is made about your credit rating.
    For example, a fraudster posing as you might be trying to buy a new car using your id to get a car loan. The car dealership will probably make an inquiry about your credit report. This inquiry is reported on your Equifax report. If you didn’t authorize the dealership to make an inquiry, you should find out who did!
  • If a (new) collection agency reports it is trying to get owed money from you or if there is a change in the amount of money an existing collection agency is already trying to collect from you.
    For example, if a fraudster signs up for a loan or credit card using your id, and doesn’t pay the bill, the bill will get sent to a collection agency. They will then start looking for you for payment.
  • If a new lawsuit, lien or judgment is made against you.
    For example, the fraudster might get his car fixed posing as you, and then drive off without paying the bill. The mechanic might get a judgment in small claims court against you.
  • If a bankruptcy is added to your file.
    For example, the fraudster might declare a false bankruptcy while using your id and posing as you.

How to Customize your Equifax Credit Monitoring Alert Settings

  1. Sign in to your Equifax account.
  2. Click on the Alerts tab.
  3. Click on the link: Edit alert preferences.
  4. For the line Credit Monitoring Alert Settings, click on the link with the down facing arrow: Edit.

The Customize Your Alert Settings section

  1. There are two choices in the Send me an Alert section.
    You can choose to receive an alert by email when

    • My credit report has not changed in the past month (no news is good news)
    • I have a new report available.By default, both of these are selected.

    If you don’t want to receive an email for these items, click on the check box to remove the check mark.

  2. There are three choices in the Score section.
    You can choose any or all of these options to send you an email when:

    • Score rises above, below or meets this new score. You must type in the new score of interest.
    • Score increases or decreases by ___ points. The default is 20 points. You can type in your own choice of value.
    • Score risk rate changes.
  3. To choose to receive an email alert for any of the three circumstances, click on the check box to create a check mark.
    By default, you will receive an email if your credit score increases or decreases by 20 points.
  4. I clicked to receive an email if my score drops below the current score, and I typed in my current score. (You can check your current score by clicking on the Dashboard tab.)
    I expect to therefore receive at least one email because it’s supposed to notify me if my score “meets this new score.” We’ll see.
  5. I used the default setting to receive a notice if my score increases or decreases by 20 points. I can’t see why it should move unless a fraudster is involved so that seems reasonable.
  6. I don’t know what a “score risk rate” is! So I checked to select that alert figuring too much information is better than too little.
  7. Click on the Update button.
    Nothing actually happens although it appears to transmit some info. The page I’m viewing stays the same.
  8. Click on the Sign Out link.
  9. Clear your browser cache and close your browser session.

While You Wait

Isn’t it wonderful brooding about all the ways your good financial name can be besmirched while you wait for an email to warn you the game’s begun?

Still, being a cynical optimist, I am hoping the only email I receive from Equifax will be one begging me to pay them money for unneeded services.

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Are you part of the Home Depot Club? Have you received any unpleasant email notes from Equifax yet? Please share your experiences with a comment.

If I Find a Mistake in My Equifax Credit Report What Should I Do?

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Equifax has a general procedure for updating and fixing errors in its credit report files. They would prefer you to order a free copy of your credit report first. With the report, they will send you a blank “Equifax Consumer Credit Report Update Form.” Here’s what you should do and what you’ll need to correct a mistake in your Equifax credit report.

Why Should I Get My Equifax Credit Report First?

Obviously if there is something urgently wrong with your credit file, you may need to contact Equifax by telephone to start making corrections.

For routine problems, however, there are some advantages to following their preferred method:

  • By ordering your free report you will be able to review all of the information on your file. You may find several other minor errors that are contributing to the problem. For example, you might find they have a middle name listed which is not yours or a credit card that does not belong to you but to someone with a similar name.
  • The Update Form they mail to you will have your Equifax Unique Number pre-typed on the form. That number will help ensure they don’t make matters worse by confusing your request for updates with someone else’s.

Equifax has to deal with a significant number of errors every day. By following their preferred routine your file is more likely to get handled properly and promptly.

What Does Equifax Request on the Consumer Credit Report Update Form?

As you might expect, the form asks for information to help properly identify you. This includes your

  • last and first name, initial, and suffix if applicable such as Senior, Junior etc
  • current and previous address including postal codes
  • date of birth
  • social insurance number (this is optional)
  • current employment

There are then two additional parts to the form.

Public Record Information
Two identical lines are provided in this section. Each allows you to identify:

  • Courthouse Name or Agency
  • Case Number or Account or Plaintiff
  • Reason for Investigation
    • Not Mine
    • Satisfied
    • Dismissed
    • Discharged
    • Released
    • Other (Please explain)

Credit Account Information
Two identical lines are provided in this section. Each allows you to identify:

  • Company Name
  • Account Number
  • Reason for Investigation
    • Not Mine
    • Paid in full
    • Account Closed
    • Transferred/Refinanced
    • Current/Previous Rating Incorrect
    • Other (Please explain)

What Else Do You Need to Provide?

You must sign the form and provide a daytime telephone number where you can be reached to discuss your request.

You should include photocopies of

  • all necessary documents
  • your id (two pieces of valid id which include your current address)

To update your personal credit report.

Examples include

  • receipts
  • legal documents

What Will Happen Next?

Equifax will verify the necessary information and will mail you a confirmation.

Any new information you provide including personal id information such as your driver’s license and passport number will be used to update Equifax’ records. It may also be given to Equifax customers as part of your credit report.

What Else Can You Request from Equifax?

You can ask Equifax to send a revised copy of your credit file to any creditors who have recently accessed your file. To do this, you must provide Equifax with

  • A contact name at the creditor’s organization
  • a fax number; and
  • a telephone number

So if, for example, you were refused a new loan because of an error in your Equifax report, after supplying the information to correct the error, you can ask Equifax to fax a copy of the revised report to the loan officer at your bank.

What Are Some Common Mistakes in Credit Files?

Personally, my credit file is so simple I haven’t had to correct any errors. However, having read many posts on online chat boards, I’ve noticed some common errors. These include

  • If two people have very similar names, some credit information for one person may end up on the file for the other person.
  • If someone is jointly responsible for paying a bill but moves and the other person defaults, they may end up with an unexpected collection agency claim against their credit file. A typical example is a group of people share an apartment with cable or satellite TV. One person moves out. The other people do not return the rented modem, PVR, or signal-descrambling box. The telecomm sends the file to a collection agency which reports a claim against the credit file for everyone who rented the apartment.
  • Someone immigrates to Canada and chooses a “Canadian” first name and uses it on some applications for credit cards etc. Someone else already has that name and ends up with entries related to this new person on their credit file. (For very simple, very common names, it may be necessary to work with Equifax to come up with a solution such as requiring a SIN number be supplied with each update to the report etc.)
  • A debt is fully repaid but the file is not updated.

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Did you ever have to make a correction to your Credit Report? Was it a minor pain or a major hassle? Please share your experiences with a comment.