How to Easily Cancel Your SmartCredit Membership in 2024?
Credit monitoring services promise access to your credit reports and scores, along with tools to help build your credit. But what if you want out of the membership you signed up for?
Can you cancel SmartCredit? And if so, what steps do you need to take?
The short answer is yes, you can absolutely cancel your SmartCredit membership at any time. However, properly closing your account involves more than just not paying your monthly fees.
This comprehensive guide will walk you through the full SmartCredit cancellation process. You’ll learn:
- If you should cancel SmartCredit in the first place
- How it could impact your credit after closure
- The step-by-step method for permanent account termination
- What to do if you change your mind down the road
Let’s start by looking at whether you really need to say goodbye to SmartCredit.
Do You Really Need to Cancel SmartCredit?
SmartCredit offers useful credit monitoring services bundled into one easy membership. This includes continuous access to your:
- Credit reports from all three bureaus
- VantageScore credit scores
- ScoreTracker
- ScoreBuilder
- ScoreBoost
With all these credit tools at your fingertips, it’s worth asking yourself before canceling:
- Am I still getting value from SmartCredit’s features?
- Does the monthly membership fee fit my current budget?
- Have my credit monitoring needs changed?
If you determine cancellation is best only after weighing the key pros and cons, then continue on.
Mapping Out Alternatives First
Before canceling, make sure you have a solid game plan in place for alternative credit monitoring you may need.
Will you sign up with another service right away? Which features are absolute must-haves vs nice-to-haves? These are key considerations when finding a SmartCredit replacement.
You’ll also want alternatives lined up for things like identity protection, budgeting tools, credit education resources, and other offerings bundled into your SmartCredit subscription.
How Cancelling SmartCredit Could Impact Your Credit
Whenever you close a credit account, your credit score can shift either positively or negatively for various reasons. Here’s an overview of potential impacts based on common credit scoring factors:
Closed Account Remains on Credit Report
Cancelling will not erase SmartCredit’s existence from your credit report. The closed membership will still display for up to 10 years.
Generally the longer your credit history, the better. As long as the cancelled account remains, it will continue aging and adding to your history length.
Credit Utilization Ratio May Increase
Part of your credit score hinges on your credit utilization ratio across revolving credit lines like credit cards. This measures how much of your total available credit you are using.
Since cancelling SmartCredit lowers your overall credit limit amount, your ratio may spike depending on balances carried elsewhere. A higher ratio can signal higher risk to lenders.
Credit History Length May Shorten
The older or longer your credit history, the better in terms of your credit score. So if your SmartCredit membership is one of your longest standing credit accounts, cancelling means forfeiting those extra years which helped demonstrate responsible use over time.
New Credit Inquiries Could Occur
If you join a new credit monitoring service right away to replace SmartCredit, new hard inquiries will generate when you apply. An influx of inquiries in a short time frame can hint at higher risk.
In summary, think through how each of these credit scoring factors may evolve once SmartCredit gets the axe.
Step-by-Step Guide to Cancelling SmartCredit
Ready to cancel your SmartCredit membership? Here is the full cancellation process from start to finish:
Step 1: Pay Off Any Outstanding Balance
First, log into your SmartCredit account dashboard and ensure you do not have any remaining membership fees owed.
Common sense dictates you cannot close out an account while still carrying an outstanding balance. Any lingering fees or debts will still need payment even post-cancellation.
Unpaid balances can also hurt your credit, defeating the original purpose of credit monitoring! So tackle that first.
Step 2: Disable Recurring Payments
Do you have SmartCredit set for auto-payments each month from a connected debit card, checking account, or PayPal?
If so, disable those automatic, recurring payments before closing your membership. Otherwise you risk continuing to get charged even with an inactive account.
Step 3: Redeem Unused Reward Points
Certain premium SmartCredit memberships come with reward points you can redeem for gift cards to places like Amazon or Starbucks.
If you have any unused points sitting there, redeem these rewards ASAP before cancellation. They will be forfeited forever post-closure.
Step 4: Call SmartCredit Customer Service
The best avenue for cancelling SmartCredit is to call their customer service team directly at (877) 372-3895 to speak with a knowledgeable representative.
Let them know you have chosen on your own accord to close your SmartCredit membership permanently going forward, and wish to terminate auto-renewing charges. Provide the reason(s) when asked.
Be firm in your request even if they try retaining you with special offers. Stress it is your proactive choice to cancel the service.
Step 5: Submit Cancellation Via Website
Alternatively, you can cancel SmartCredit online if preferred. Simply log into your account, go to “Settings,” and look for the cancellation tab.
Walk through the subsequent screens to permanently disable your membership and recurring payments. Print or screenshot confirmation for records.
Step 6: Follow Up via Certified Mail
To back up your phone or web cancellation with written confirmation, mail an official cancellation letter to SmartCredit headquarters (16795 Von Karman, Suite 230, Irvine, CA 92606).
Include your full name and SmartCredit member details, along with the exact date/time you initially requested closure plus the name of the representative you spoke with. State explicitly that you have voluntarily chosen of your own accord to permanently close your SmartCredit membership account going forward.
For delivery verification, send via certified mail with return receipt tracking. Keep the bank statement showing your postage stamp purchase and the little slip they stick on your letter.
Step 7: Verify Credit Report Changes
Give it at least one full month before double checking your TransUnion, Equifax, and Experian credit reports. This allows time for changes to fully propagate through.
Confirm that:
- SmartCredit displays as a closed account
- It shows $0 balance
- The closure reason says “closed at the consumer’s request” or something similar
If any discrepancies, contact SmartCredit ASAP to fix errors. Inaccuracies can unjustly torpedo your credit score when lenders review your report.
Step 8: Destroy Old SmartCredit Cards
If SmartCredit provided you any physical membership cards for account access, destroy these now.
Cut up plastic cards with scissors. For metal cards, call customer service again to request a prepaid return envelope so SmartCredit can responsibly dispose of the deactivated card.
Proper destruction prevents potential fraud if someone snags cards from your trash or recycling.
Step 9: Review Bank Statements
Carefully review bank/credit card statements from the last ~3 months. Scan for any charges from SmartCredit you may have forgotten about. Dispute unauthorized or bogus transactions.
This protects you financially now that SmartCredit no longer auto-debits each month for membership fees.
Step 10: Adjust Automatic Payments
Do a quick audit of every website, app, and service with automatic recurring payments enabled. Confirm none are still trying to bill the now-terminated SmartCredit payment method.
Update billing details anywhere that was previously charging your cancelled SmartCredit card/account. This maintains continuity of those external memberships without past due notices or cancellation solely from outdated payment methods.
Can I Reactivate My SmartCredit Membership Later On?
Fortunately, one of the best parts of SmartCredit is you can cancel then restart your membership anytime circumstances change or you have shifts in your credit strategy.
If you change your mind down the road or decide you still need/want credit monitoring, simply log back into your SmartCredit account or call (877) 372-3895 to reactive full benefits. This onboarding flexibility makes evaluating alternate services less stressful.
Just keep your old login credentials handy rather than permanently purging them from password managers. Of course double check to ensure no phantom charges appeared during your deactivated period before re-linking payment methods.
More Ways SmartCredit May Appear on Statements
Be sure to check bank statements and existing automatic payments when cancelling. SmartCredit may show up under these additional names too:
- SMARTCREDIT.COM
- ConsumerDirect, Inc
FAQs About Cancelling SmartCredit
How do I get a refund from SmartCredit?
SmartCredit offers a 30-day money back guarantee. Call (877) 372-3895 within 30 days of first payment for a refund. Partial refunds may still require paying unpaid fees.
Can I cancel SmartCredit over email?
No, SmartCredit does not allow membership cancellations over email due to security policies. You must call, use their website, or send a mailed letter.
What happens to information SmartCredit collected about me?
Once your membership is closed, SmartCredit will restrict access to private member areas containing your credit reports, scores, and other data. But they may maintain records per data retention policies.
Remember These Key Takeaways
Closing your SmartCredit membership takes a few simple steps, but remember:
- Pay off any outstanding fees completely
- Disable recurring payments
- Redeem unused rewards
- Call customer service directly
- Follow up via certified mail
- Verify credit report updates
- Cut up old cards
You can always restart your membership later on if needed. Consider pros vs cons before finalizing SmartCredit cancellation.
