How much does Equifax cost per month?

Protecting your credit and identity is more important than ever in today's digital world. Equifax, one of the three major credit bureaus, offers a range of services designed to help you monitor your credit report, track your credit score, and safeguard against identity theft. But how much does it actually cost to use Equifax's services on a monthly basis? This comprehensive guide will break down Equifax's pricing structure, explore the features offered in different plans, compare them to alternatives, and help you determine which option is the best fit for your needs and budget.

Understanding the Basics of Equifax Services

Before diving into the specific costs, it's crucial to understand what Equifax offers. Equifax provides various services, including:

• Credit Report Monitoring: Tracks changes to your credit report and alerts you to potentially fraudulent activity.
• Credit Score Tracking: Provides regular updates on your credit score, allowing you to monitor your progress and identify potential issues.
• Identity Theft Protection: Offers features like identity restoration assistance, fraud alerts, and credit lock capabilities to help protect you from identity theft.
• Credit Lock/Freeze: Allows you to lock or freeze your credit report, preventing unauthorized access to your credit information. This is a powerful tool to prevent new accounts from being opened in your name without your consent.

These services are typically offered through subscription plans, each with varying levels of features and, consequently, different monthly costs.

Equifax Subscription Plans and Their Monthly Costs

Equifax offers several subscription plans, each tailored to different needs and budgets. The exact offerings and pricing can change over time, so it's always best to check the official Equifax website for the most up-to-date information. However, here's a general overview of the typical plans and their associated costs:

Equifax Complete^TM Premier

Equifax Complete Premier is typically their most comprehensive plan. While pricing is subject to change and promotional offers, expect to pay around $19.95 to $29.95 per month. This plan usually includes:

• Daily Credit Monitoring from all 3 Credit Bureaus (Equifax, Experian, and TransUnion): This is a key feature, as it provides a holistic view of your credit profile.
• Unlimited Equifax Credit Reports and Scores: Allows you to frequently check your Equifax credit report and score.
• Credit Lock and Alert^TM: Lock your Equifax credit file and receive alerts about key changes.
• Social Security Number Trace: Monitors for potential misuse of your Social Security number.
• Lost Wallet Assistance: Helps you cancel and replace important documents if your wallet is lost or stolen.
• $1 Million Identity Theft Insurance: Provides coverage for expenses related to identity theft recovery.

This plan is a good choice for individuals who are highly concerned about identity theft and want comprehensive credit monitoring from all three major credit bureaus.

Equifax Complete^TM Protect

Equifax Complete Protect is generally positioned as a mid-tier option. Expect a monthly cost in the range of $14.95 to $24.95 (again, subject to change). Key features often include:

• Daily Credit Monitoring from all 3 Credit Bureaus (Equifax, Experian, and TransUnion)
• Unlimited Equifax Credit Reports and Scores:
• Credit Lock and Alert^TM: Lock your Equifax credit file and receive alerts about key changes.
• Social Security Number Trace: Monitors for potential misuse of your Social Security number.
• $1 Million Identity Theft Insurance: Provides coverage for expenses related to identity theft recovery.

Equifax Complete Protect provides comprehensive monitoring, reporting, and identity theft protection, making it a strong contender for those seeking a balance between features and cost.

Equifax Complete^TM Family Plan

This plan offers protection for the entire family. Pricing varies depending on the number of family members covered but typically falls in the range of $29.99 to $39.99 per month. It includes features similar to Equifax Complete Premier but extends coverage to children and other family members. This is especially useful for protecting children from identity theft, which can be a growing concern.

Equifax Core Credit^TM

Equifax Core Credit is usually the most basic and affordable option. Expect to pay around $9.95 to $14.95 per month. This plan typically includes:

• Monthly Equifax Credit Report and Score: Provides a single credit report and score each month.
• Credit Lock and Alert^TM: Lock your Equifax credit file and receive alerts about key changes.
• Identity Theft Monitoring: Monitors for potential identity theft risks.

This plan is a good choice for individuals who want basic credit monitoring and identity theft protection at a lower cost.

Important Considerations Regarding Pricing:

• Promotional Offers: Equifax frequently offers promotional discounts, such as introductory rates or free trials. Always check for these offers before signing up.
• Bundled Services: Consider whether you need all the features included in a particular plan. If you only need basic credit monitoring, a more affordable option might suffice.
• Free Alternatives: Explore free options, such as obtaining a free credit report from each of the three major credit bureaus annually through AnnualCreditReport.com. You can also use free credit score websites like Credit Karma or Credit Sesame, but remember these are often VantageScore 3.0, not FICO scores.
• Automatic Renewal: Be aware of automatic renewal policies. Ensure you understand how to cancel your subscription if you no longer need it.
• Review Terms and Conditions: Always carefully review the terms and conditions before signing up for any subscription service to understand the specific features, limitations, and cancellation policies.

Weighing the Pros and Cons of Equifax Subscriptions

Before committing to an Equifax subscription, carefully weigh the pros and cons to determine if it's the right choice for you:

Pros:

• Convenience: Provides a convenient way to monitor your credit report and score.
• Early Fraud Detection: Can help you detect fraudulent activity early on, minimizing potential damage.
• Identity Theft Protection: Offers valuable identity theft protection features, such as identity restoration assistance and insurance.
• Comprehensive Monitoring: Some plans offer monitoring from all three major credit bureaus.
• Credit Lock Feature: The ability to lock your Equifax credit file provides an extra layer of security against unauthorized access.

Cons:

• Cost: Monthly subscription fees can add up over time.
• Overlapping Features: Some features may overlap with services you already have, such as those offered by your bank or credit card company.
• Not a Guarantee: Credit monitoring and identity theft protection services cannot guarantee that you won't become a victim of fraud or identity theft.
• Complexity: Navigating the different plan options and features can be confusing.

Alternatives to Equifax Subscriptions

If you're unsure whether an Equifax subscription is right for you, consider these alternatives:

• AnnualCreditReport.com: Obtain a free credit report from each of the three major credit bureaus annually. This is a government-mandated service that allows you to review your credit reports for errors.
• Free Credit Score Websites: Use free credit score websites like Credit Karma or Credit Sesame to track your credit score. While the scores provided may not be the exact scores used by lenders, they can give you a good indication of your credit health.
• Credit Monitoring Services from Other Companies: Explore credit monitoring services from other companies, such as Experian or TransUnion, and compare their features and pricing.
• Fraud Alerts: Place a fraud alert on your credit report to require lenders to take extra steps to verify your identity before opening new accounts in your name. You can do this through any of the three major credit bureaus, and they are required to notify the other two.
• Credit Freeze: Freeze your credit report to prevent unauthorized access to your credit information. This is a free service that can significantly reduce your risk of identity theft.
• Monitor Financial Accounts Regularly: Regularly review your bank and credit card statements for unauthorized transactions.

How to Choose the Right Equifax Plan for Your Needs

Choosing the right Equifax plan depends on your individual needs and risk tolerance. Consider these factors:

• Budget: Determine how much you're willing to spend on credit monitoring and identity theft protection each month.
• Credit Monitoring Needs: Decide whether you need monitoring from all three major credit bureaus or if monitoring from Equifax alone is sufficient.
• Identity Theft Risk: Assess your risk of identity theft based on factors such as your online activity and the prevalence of data breaches.
• Desired Features: Identify the specific features that are most important to you, such as credit lock, identity restoration assistance, and insurance.

By carefully considering these factors, you can choose the Equifax plan that best meets your needs and provides the right level of protection.

Conclusion

Understanding the cost of Equifax services is essential for making informed decisions about your credit monitoring and identity theft protection. While the monthly fees can vary depending on the plan and promotional offers, it's important to weigh the costs against the benefits and explore alternative options. By carefully evaluating your needs and budget, you can choose the right solution to protect your financial well-being and peace of mind. Remember to always check the official Equifax website for the most accurate and up-to-date pricing information before making a decision.