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Equifax settlement "worthless"
More information regarding the settlement above can be found at: Hills/Slack Settlement. According to the website, class members are entitled to receive 3-6 free months of the Score Watch service, which is described on the site as: "Score Watch™ is an offering for sale by both Equifax and Fair Isaac. It continuously monitors a consumer’s Equifax credit file and FICO® score, and provides up to two Equifax Score Power™ reports which include an Equifax credit report and a FICO® score report. The current retail value of Score Watch™ is approximately $7.95-8.95 per month. Benefits of Score Watch include: email notification when a change in your FICO® score impacts the interest rate you may receive; explanations of key score changes; an explanation of what your most current score means, and a graph of how lenders view you. Customer service is also provided."
According to Privacy Rights Clearinghouse analyst Paul Dubois, the settlement is "worthless." Mr. Dubois also noted, "for the majority of people, it is unnecessary to purchase the Score Watch service. It might make sense for those considering a new mortgage, but that's about it." Mr. Dubois urged consumers to take advantage of the free services availabe. He said, "you can get one free credit report a year at AnnualCreditReport.com or sign up for fraud alerts and get four free reports a year. Consumers can also get a free Fico estimate at MyFico.com. It won't give your exact score, but it's pretty accurate."