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Debt Wise by Equifax. What’s the Point?

It appears I’m not the only one less than impressed by the new Debt Wise service rolled out by Equifax.

LA Time reporter David Lazarus has some thought to share on it as well.

For $14.95 per month Equifax will sell you a service that guide you to come up with a fast plan out of debt. But there may be no need for a consumer to spend that kind of cash when they can do it themselves, easily.

Yo, Equifax. What’s the point of putting important disclaimers for Debt Wise is hard to read print on the web?

Debt Wise by Equifax. Whats the Point?

So what do you get for $14.95 a month?

  • 4 Equifax Credit Reports and Scores™ every 12 months with details about what’s impacting each of your scores
  • Interactive Score Simulator™ to show you how your actions may change your score
  • Daily monitoring of your Equifax Credit Report for key changes(email/wireless alerts)
  • Up to $25,000 Identity Theft Insurance* with no deductible (certain limitations and exclusions apply)

That seems like a lot of money for a single bureau credit report when to really seem what is going on with your credit you need to look at all the credit bureaus on a consolidated credit report.

Especially perplexing is the Debt Wise product says you can “choose debts from your Equifax Credit Report, add debts not in your credit report and is easy to update if you need to change your plan” so they already seem to admit the Equifax report does not cover all your debts.

Debt Wise by Equifax. Whats the Point?
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About Steve Rhode

Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.