Earlier this year, Equifax announced a minimum charge for all its services.
“We will be implementing a new minimum charge of $50 per month for all products and services you purchase from Equifax. This charge will only apply if the billing activity is less than $50 in a given month,” Equifax wrote in an email to brokers, which was obtained by MortgageBrokerNews.ca. “As an example, if billing activity is $29 in a particular month, the account will be billed a total of $50 for this month. Each month will be evaluated separately. All adjustments will be reflected on your February invoice statement.”
Although the change went into effect last month, several brokers claim they did not, in fact, receive the original email communication from Equifax -- which was dated January 1 -- and only found out about it when they received bills from the credit company.
Equifax suggested in the email that the price change is the result of making “significant, ongoing investments” in its data and technology services in a bid to provide the best available data services.
“The monthly minimum billing amount ensures we uphold the same high level of service month to month on every account, and enables us to continually invest in account maintenance and monitoring, and the development of new and innovative Equifax products and solutions,” Equifax said.
Brokers across the country use Equifax to provide credit scores for potential clients.
Equifax said in the email that it has the right “to modify monthly minimum requirements once per calendar year upon thirty (30) days’ written notice.”