A credit score is one of the most valuable numbers in your life as a consumer. It usually falls between 300 and 850; closer to 850 means you are a ‘better risk’ – you repay loans prudently. Credit scores can be used by lenders, landlords, insurance companies, and sometimes employers as a tool to enable them to decide whether to extend credit to an individual hire them, or provide rental or insurance services to them.
Since credit score is so important you should monitor it frequently to make sure it is correct and if not try to fix it. However, it has to be done in a way where one is not exposed to Identity theft or parting with their money. Here are some guidelines on how to check your credit score without falling victim to fraudsters.
To get your free reports, you should visit AnnualCreditReportcom. The Fair Credit Reporting Act FCRA has laws that state that each of the three major credit reporting companies Equifax, Experian, and TransUnion must provide you with one free credit report every twelve months if you wish to. The URL for these free reports is annualcreditreportcom, which will take you to the websites of the three credit bureaus to get your report. Other ways of getting reports are by phone or by mail as their contact information is provided on the website. Again, there are three credit bureaus, and getting a report from all of them will provide a full picture of your credit file.
When getting your reports from annualcreditreportcom ensure that the website is secure, you should check the URL and it should start with https. Do not use any site that promises free credit reports that require your credit card, as that enrolls you for more undesirable recurring charges. Remember and use only the official annualcreditreportcom to obtain your reports free as you are allowed by federal law.
Enroll in free credit reporting
Several banks and credit card companies, as well as websites such as Credit Karma and NerdWallet, provide users with free credit scores and reports, as well as credit monitoring services. The advantage of using such services over checking credit reports only annually, or in some cases, once every three months in official credit reports, is that the services can alert you of changes whenever there is any change to your credit file with one or several bureaus. This makes you monitor your score and note any misconduct such as accounts that you did not open.
Just make sure to carefully review the terms before enrolling in any free credit monitoring service provided by any bank or website. Although the scores and reports do not necessarily have to be paid, some sites subscribe users to the paid premium upgrade memberships by default under the option of ‘freemium’, thus you have to be keen and cancel before you are charged. So long as you go through the terms and conditions, you can get legitimate free monitoring services that can inform you when there are alterations on your credit file.
Identity theft protection services should be taken into account
For credit monitoring services, you might also consider signing up for an identity theft protection that not only tracks your credit reports but also scans the black websites for your data. LifeLock and IdentityForce are two companies that provide various levels of identity and credit protection as well as resolution in case of identity theft for an annual fee.
The difference between paid Identity theft services and free credit monitoring programs is the dark web monitoring in addition to the remedial services if a breach is detected. If you have any idea that your personal information can be easily exposed for misuse, or if you would like to add an extra layer of security to the exposure of your credit information, then an identity theft protection program can be most useful to you. Just make sure to compare several companies’ services and their fees to find the best choice.
Credit check through the issuers by using score simulators
Another way of monitoring your credit score without necessarily having to sign up for any service is by checking your score directly from your credit card companies or the bank that issues credit cards or loans. It’s also important to know that most of the major issuers, which include Chase, Citi, Capital One, Bank of America, and Wells Fargo, offer free credit score monitoring with your credit card. They employ information from one of the three credit bureaus depending on the information that was used in the card issuance.
Most of the bank websites also have score simulators where you can see the effect of paying for the balances or even closing your unused cards. Although it is not a sure bet of how your score will shift, it gives a typical representation of how various monetary decisions influence credit.
The usefulness of checking your credit score through your credit card or bank website is that you can check it anytime you want and don’t need any monitoring service. It is important to know that it only shows data from one credit bureau while services that allow you to see scores and reports from all three bureaus offer a fuller picture of your credit history.
Use mobile apps wisely
There are currently over 60 applications that are available in the iOS App Store and Google Play Store for credit information. Numerous sites like Credit Karma, mint, and NerdWallet offer credit scores and even reports and monitoring services for free.
But, as the specialists advise, it is inadvisable to input individual data into various applications as many as possible. Be careful and read the information about the privacy of the apps if you want to keep your information safe. Also, switch off location-sharing services on the mobile gadget when utilizing finance apps so that the app developers cannot follow where one stays and spends cash. Do not download apps from unfamiliar developers and do not trust the word of mouth from consumers that may be fake. Although mobile apps give easy access to our financial details it needs to be guarded very carefully.
Illegal sites can be a threat to your security
When searching for ways to get your credit score, avoid any website that asks for upfront payments or encourages you to provide personal data including the social security number and account details. Any service that claims to offer credit monitoring for free in exchange for a fee for simply viewing your credit score or the credit reports that federal law allows you to get for free is a scam.
Spyware and malware are also threats to these kinds of sites that may lead to your device being infected with malicious links within the site. Continue to use trusted banks and financial sites such as annualcreditreportcom, and other companies that clearly state their privacy policies and security measures. And never type in your social security number or your account numbers unless the connection is secure like when you’re getting to your bank or credit card account login homepage that has “https” at the front.
Pay attention to reports not let the hard inquiries slip in unnecessarily
Each time you apply for a new credit, the credit company pulls your credit report which is considered a hard inquiry and a slight knockoff on your score. Do not apply for credit only when you need your FICO scores pulled, and do not apply for credit when you do not qualify based on the scores. If you only want to periodically check your score, then avoid credit score services that pull your credit report because those will be credit pulls, which will lower your score, such as the annual free reports or credit score services offered by some banks for free. Several hard inquiries can signal credit greediness and a little pull down your credit score.
Keep Personal Info Private
Although it is advised to monitor your credit score from time to time, it is advisable not to disclose your identity details or even input such details on unfamiliar sites. Your SSN should be shared only when necessary and encrypted, such as when signing up for accounts on your bank or credit card site, with trusted companies.
Opt for two-factor authentication whenever possible during the creation of the profile, use a different password for each type of financial account, and ensure that every Website you sign up for has “https” URLs and active security certificates upon input of information. It is advisable to be extra cautious and take measures to safeguard your identity and your accounts while maintaining vigilance in credit reporting.
It is crucial to monitor your credit score and you can get it safely if you know the types of services and choose only legal ones. The monitoring services allow you to track any changes made to your credit file through notifications of any new activity while the banks and other lending institutions allow you to view your latest credit score for free online. As long as you don’t get caught in those additional expensive subscription services or type in your details on any unknown website. If you are cautious with the security measures in place and information exchange, it is safe to monitor your score.
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