In contemporary culture, good credit is necessary for loans, credit cards, mortgages, an apartment, and sometimes work. Learning how to keep an eye on your credit record and score has become hence rather essential. The three credit agencies with credit report and score issuing power are Equifax, Experian, and TransUnion. To develop credit ratings, these organizations compile information about your payment and credit performance from lenders, creditors, collection companies, and public records.
Using credit monitoring services from one or more of these companies will let you view your credit report to check for errors or even fraudulent activity as well as receive notifications on any changes made to your credit report and your most recent credit scores. The three main credit monitoring choices are summed here: The three main credit monitoring choices are laid out here:
Equifax Credit Monitoring
Along with the three national CRAs in the United States, Equifax is also Among their credit-monitoring services are:
- Equifax Credit Report & Score: Get daily monitoring of your Equifax credit report where you can verify new accounts or inquiries, whereas your latest VantageScore 3. 0 credit score is updated monthly.
- Equifax CompleteTM Premier Plan: The premium plan includes daily Equifax credit report and monitoring, credit score updates from Equifax under VantageScore, up to $1,000,000 in insurance against identity theft, and the option to lock and unlock Equifax credit files.
- Equifax Credit Report ControlTM: One of the tools useful in managing your Equifax credit report is the direct control of the lock and unlock of your file as per your convenience through a click when applying for credit or loans. It also offers credit monitoring notifications and Equifax credit reports with the customer’s quarterly credit scores included.
Equifax suffered from a terrible data breach in 2017 which targeted 147 million consumers. In the legal action following the breach, Equifax now offers weekly free credit reports for all US consumers at AnnualCreditReport. com and free credit monitoring for the consumers impacted by the breach.
Experian Credit Monitoring
Experian is one of the three major credit reporting agencies at the national level that is authorized to provide credit reports. Some of Experian’s credit monitoring options consist of: Some of Experian’s credit monitoring options consist of:
- Experian CreditWorksSM: Credit reports are sent to you daily, customizable if changes are found, your latest Experian credit scores are provided monthly, and Identity Restoration.
- Experian CreditWorks Premium: The advanced package that offers everything in their standard credit monitoring plan plus features such as up to $1, 000, 000 identity theft insurance, which gives you the flexibility to lock/unlock your Experian credit report as much as you want and your Experian credit score based on a FICO model.
- Experian IdentityWorksSM: Additional identity theft protection offered by Experian are more advanced identity watch that scans the internet black market for compromised data, identity repair that assists in the restoration process in case of identity theft, and identity protection insurance that covers specific expenses in case of identity fraud.
Experian also seeks to assist consumers as well as consumer advocates by offering credit information education products and services such as free credit workshops, and managing credit and credit workshops responsibly.
TransUnion Credit Monitoring
TransUnion functions in the United States as the third largest CRA in the nation.
Some of TransUnion’s main credit monitoring solutions include:
- TransUnion Credit Monitoring: CASH ONLY- Get your free TransUnion credit report, and get your TransUnion credit score monthly. Credit monitoring alerts can also be provided in the event to enable one to monitor his account for any undesired activity.
- TrueIdentity: TransUnion offers daily TransUnion credit reports and access to VantageScore credit score, up to $1,000,000 in identity theft insurance, online locking and unlocking of TransUnion credit files, and other benefits.
- my TransUnion: Less extensive but is available for $19. 95 per month; it offers the latest TransUnion credit report and scores, sends basic credit monitoring alerts, and contains more interactive features to help consumers better understand the credit information they are paying for. In case there is an error in the TransUnion credit report, members may challenge these by visiting my TransUnion.
Whatever credit monitoring service you decide to go with from Equifax, Experian, or TransUnion, they all hope to allow a consumer to have more control when it comes to monitoring credit reports and activities. With one of these services, you will be able to constantly keep track of the accounts and scores which will in turn help you protect yourself against things such as credit fraud and identity theft. However, consumers should understand that credit monitoring alone is not capable of preventing or halting these things. It mainly plays the role of an early warning system that can help to identify problems as early as possible.
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