ObservableCollection not noticing when Item in it changes (even with INotifyPropertyChanged)

Does anyone know why this code doesn’t work:

public class CollectionViewModel : ViewModelBase {  
    public ObservableCollection<EntityViewModel> ContentList
    {
        get { return _contentList; }
        set 
        { 
            _contentList = value; 
            RaisePropertyChanged("ContentList"); 
            //I want to be notified here when something changes..?
            //debugger doesn't stop here when IsRowChecked is toggled
        }
     }
}

public class EntityViewModel : ViewModelBase
{

    private bool _isRowChecked;

    public bool IsRowChecked
    {
        get { return _isRowChecked; }
        set { _isRowChecked = value; RaisePropertyChanged("IsRowChecked"); }
    }
}

ViewModelBase containts everything for RaisePropertyChanged etc. and it’s working for everything else except this problem..