You’re finally ready to take your credit serious but you don’t know which credit monitoring service to choose from? No worries. We’ve searched high and low to find you the best companies to choose from. It’s important to check your credit to keep an eye on which accounts are linked to your social security number, but finding a good company can be difficult all on it’s own. We’ve got your back.
There are a few items you’ll want to check off the list when looking for a good credit monitoring service. If the company you’re looking to sign up with does not meet the requirements, you will want to move on to the next one on the list.
Credit monitoring simplified
Does it contain reports from all 3 of the major credit bureaus?
Super important. While free credit monitoring services like Credit Karma are great to gain a general idea of what’s on your report, Equifax, Experian and TransUnion each have their own credit profile on you. Whichever company you decide to go with needs to provide all 3 credit reports. Otherwise you could have items on one or more of your reports that you are not aware of.
Does it provide your credit score?
Because what good is credit monitoring if you don’t get to see your scores go up, right? Be sure that on your new journey of keeping up with your credit reports and what’s on them, you are also able to keep up with your credit scores.
Does it provide monthly updates?
That’s right. Not every company offers monthly updates. I know, I know. We’ve been spoiled with weekly updates from Credit Karma, but monthly updates are typical. Monthly updates also allow enough time to pass for your accounts to reflect any changes you may have made. For example if you’ve paid down a credit card. Be sure that when you select a credit monitoring service, you select a monthly plan.
Does it provide your FICO or your VANTAGE score?
Yes, there is a difference. A major one at that. While majority of companies offer your vantage score, 90% of lenders use your FICO score when determining whether or not to lend you money. Credit monitoring services that offer vantage scores are going to cost you less monthly, which is the primary benefit. To better understand the difference between the two, read our previous blog post here.
Does it offer any other type of protection?
Some companies offer services such as dark web protection, identity theft protection and identity theft insurance. These are included in monthly price, or an additional charge. Something to consider, as you work to rebuild and have your credit restored, these services could really come in handy.
Compare Credit Monitoring Services
We’ve done the heavy lifting for you. All of these companies we’ve handpicked for you include all of the above. The only decision you have to make is whether you want a plan that includes your FICO or VANTAGE score.
MyScoreIQ offers 3 FICO scores, all 3 reports Equifax, Experian and TransUnion, daily monitoring, dark web & internet monitoring and $1 Million identity theft insurance. It is $1 for a 7 day trial and $32.99 per month after.
IdentityIQ provides 3 VANTAGE scores, all 3 reports Equifax, Experian and TransUnion, dark web monitoring and $1 Million identity theft insurance. It is $27.99 per month.
MyFICO is arguably one of the most dependable credit monitoring services available, and it is reflected in their pricing. They offer Equifax, Experian and TransUnion reports, $1 Million identity theft insurance, identity monitoring and the same scores your lender sees when they pull your credit. You read that right. You see the same scores your mortgage broker would see if they pulled your credit to buy a home. To get all of this will cost $39.95 per month.
Keeping an eye on your credit is important. It let’s you know if there has been suspicious activity, potential fraud or unauthorized changes. Since it contains your personal information and public records, it is ideal to know what is on your Transunion credit reports, as well as Equifax and Experian. Imagine getting denied for a bank account or getting a higher interest rate due to unknown changes to your credit report. Data breaches are unfortunately common in this day and age, so it is important to stay on top of things for optimal identity protection and to ensure a good credit score.
If you feel at all confused, just give us a call, shoot us an email or schedule a free consultation to discuss what you find on your credit report. We also highly recommend our guide that shows you how to raise your credit score in 45 days or less.