mggvp6
Contributor

For the past few years I have subscribed to USAA's Credit Monitoring, I paid 24.00 dollars a month and was able to pull my credit and 3 credit scores daily.  Maybe once a week I would pull my score and it was always above 680, not great but decent.  This past Friday I received a letter from USAA notifying me that my credit score had tanked to 620 and that USAA now considered me a loser, and was closing my credit card account.  Thats fine, one less bill to pay.  

 

I ran another report after getting the letter and my score was still above 680, in fact the score from the credit reporting agency that USAA based its decision to close my account on was about 700 versus the 620 that USAA stated.  I contacted the Credit Monitoring becuase surely there must be an error, and I was advised that although USAA sells me one score it uses a totally different score for credit purposes......really, so I'm paying 24 bucks a month for what I thought was accurate useable data, when the date I was paying for really didnt count for anything.  

 

I feel that USAA is doing a huge dis-service to its members, I feel that I have been duped out of about 400 dollars by USAA.  They were selling me a product that really served no purpose. I have my life insurance, auto insurance, home insurance, valuable property insurance, as well as retirement funds with USAA.  If I cannot trust USAA to even provide me with accurate information that I used to make decisions, how can I trust them to properly manage my retirment plan, as well as trust them to pay on insurance claims. 

 

USAA likes to say that they know what it means to serve but if I were to provide my Commander with inaccurate information(such as in USAA's credit monitoring program, my CC would not be happy with me).  

 

USAA should be ashamed of themselves!!!!


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dustinator,

Here are some facts about the credit monitoring program I got from an expert here at USAA. I hope they help answer any concerns you have.

 

The Credit Check Monitoring Service utilizes a PLUS Score model, with scores ranging from 330 to 830, it is a user friendly credit score model developed by Experian to help you see and understand how lenders view your credit worthiness. It is not used by lenders, but it is indicative of your overall credit risk. As you are aware, there are three different major credit reporting agencies, Experian, TransUnion, and Equifax that maintain a record of your credit history known as your credit file. Your Credit Score is based on the information in your credit file at the time it is requested. Your credit file information can vary from agency to agency because some lenders report your credit history to only one or two of the agencies. So your credit score can vary if the information they have on file for you is different. And since the information in your file can change over time, your Credit Score may be different from day-to-day.

Lenders and insurers use several different credit scoring models which could explain why your lender gives you a score that is different from the PLUS Score you receive online. Just remember that your associated risk level is generally the same even if the number is not. The importance of the Credit Check Monitoring service is to help members ensure the information reported on their credit file is accurate; even though the provided credit score was different the information on the report is the same.

 

The Plus Score is calculated using the following factors:

31% Payment History and Bankruptcy

30% Credit Card Debt

15% Length of Credit History

14% Type and Number of Credit Cards

10% Credit Applications/ Inquiries

 

The point range of the scoring models may be different as well which can account for the number not being the same:

Experian's  PLUS Score range is 330 to 830

Transunion's Empirica score range is 150-934

Equifax's Beacon Score range is 300-850

FICO score is between 300 - 850

The Vantage Score range is 300 – 850

 

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I don't buy into this.  USAA would never call this writer a loser.  This is a credit monitoring site (which by the way is provided at a huge discount) to see changes in your credit worthiness.  It saves you $$.  The same service provided by Privacy Guard is $29.99/ month which I have been glad to pay up until I saw the price difference for the same service through a USAA vendor.   I have to use these services since my identity has been stolen 8 times in the past 5 years and continues to happen on a fairly regular basis.  If you just want to measure your basic credit rating many of the credit cards available today offer monthly FICO scores for free and can help you improve your credit rating as you improve your ability to pay on time and avoid charge offs/coll accts etc.

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44 REPLIES

Good to know, man - thanks for sharing. I set up my auto and renter's insurance, as well as a checking/savings account with USAA this month, and just signed on to find out about credit monitoring and your post was there before I even began any search. Sorry that happened to you, but I'll heed your advice and stick with Trilegiant for now. I only get my report quarterly, but it's a lot cheaper each month (about half). And their Daily Monitoring Alerts have been great. Thanks again tho, and good luck.
It is a little secret in the credit monitoring industry that all the information you think you are given in a credit report is all the information you think is shared among businesses that use credit scores. There is much more to the picture than anything the consumer is given. For what really happens, see Bob Sullivan's book, "Gotcha Capitalism".
Bravo!!!! Disservice to its members......just like any other bank......USAA is not special to or for military members........WANT the old bank back....close your account & wait until they bleed RED.....than things will change. I just DUMPED USAA after 32yrs.

universeho,

I am so sorry you feel this way, and hope we can also find a resolution for your situation, which I have responded to in your other thread. Thank you.

mggvp6,

 

I have escalated your concerns and am waiting to hear an update. Until then, I would like to get a specialist in contact with you to talk about the credit monitoring system and the data discrepancies you describe below. We would really appreciate it if you could fill out this form (please include the best way to contact you) so we can get someone in contact with you so that we can work this issue out and hopefully restore your faith in USAA. We look forward to hearing from you.

Credit "monitoring" is a band aide that companies usually offer for free when they have a data breach. The problem with monitoring is that you're dealing with a problem after it's happened. Using credit freezing (you must do so with each of the 3 credit monitoring services separately) you completely lock-out the bad guys.

 

Now I know the topic was speaking more of the ability to look at your credit score (for $24.00?), why pay for something that is free at creditkarma.com? Granted, they only use Transunion's credit report to base their numbers from, but it's FREE, and the scores update about twice a month.

 

Just my two cents worth.

 

Mggvp6- I had a similar issue when I went to buy a car. The credit report they generated was no where near the score the credit monitoring service was reporting. I only paid 5.50 a month for the service.
I have been a member since 1989 and am becoming increasingly disappointed with USAA. I used their financial advisor and opened a mutual fund. Heard from the guy everyday at least three times a day until I finally signed everything then haven't heard from him since and they turned around and sold my account to another company.
I have become extremely disappointed in USAA overall in the last few years. It's just not the same company. Agree with universeho!

I recently signed up to credit monitoring program. Is this true?

dustinator,

Here are some facts about the credit monitoring program I got from an expert here at USAA. I hope they help answer any concerns you have.

 

The Credit Check Monitoring Service utilizes a PLUS Score model, with scores ranging from 330 to 830, it is a user friendly credit score model developed by Experian to help you see and understand how lenders view your credit worthiness. It is not used by lenders, but it is indicative of your overall credit risk. As you are aware, there are three different major credit reporting agencies, Experian, TransUnion, and Equifax that maintain a record of your credit history known as your credit file. Your Credit Score is based on the information in your credit file at the time it is requested. Your credit file information can vary from agency to agency because some lenders report your credit history to only one or two of the agencies. So your credit score can vary if the information they have on file for you is different. And since the information in your file can change over time, your Credit Score may be different from day-to-day.

Lenders and insurers use several different credit scoring models which could explain why your lender gives you a score that is different from the PLUS Score you receive online. Just remember that your associated risk level is generally the same even if the number is not. The importance of the Credit Check Monitoring service is to help members ensure the information reported on their credit file is accurate; even though the provided credit score was different the information on the report is the same.

 

The Plus Score is calculated using the following factors:

31% Payment History and Bankruptcy

30% Credit Card Debt

15% Length of Credit History

14% Type and Number of Credit Cards

10% Credit Applications/ Inquiries

 

The point range of the scoring models may be different as well which can account for the number not being the same:

Experian's  PLUS Score range is 330 to 830

Transunion's Empirica score range is 150-934

Equifax's Beacon Score range is 300-850

FICO score is between 300 - 850

The Vantage Score range is 300 – 850

 

View solution in original post