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Best Credit Monitoring
It is always a good idea to monitor your credit. There are many great credit monitoring companies that can help you. In this article we will review some of the best credit monitoring companies and discuss the pros and cons of using a credit monitoring service.
Your credit is your financial reputation. It represents how others – especially lenders – view your reliability when it comes to making payments on time. This means that you want your credit to accurately reflect your good financial habits. Unfortunately, errors and even fraud can cause your credit to look bad. This is why credit monitoring is so important. You need to make sure you know what is going on in your credit report.
Best credit monitoring with companies
The best credit monitoring services are obtained through MyFICO, or one of the three major credit bureaus: TransUnion, Experian and EquiFax. For all three, you actually get a free 30 day trial before you start getting charged (but you have to give your credit card information up front). The prices range from $8 a month to $20 a month, depending which credit bureau reports and scores are monitored. Obviously, the more you have monitored, the more it will cost. These services also have an annual fee you can pay, representing a discount over the monthly fee.
It can be helpful to get credit monitoring from another company, since it can keep you up to date with what is happening with your score. When a new account is opened, or when something negative shows up, you are notified. This means that you can quickly move to address the problem if fraud or error is involved.
It is also possible to get credit monitoring through other services. These are similar in price to the services from more established providers, but they may not be as trustworthy. You should watch out for credit monitoring companies that offer a very low rate per month, but the charge you for each error you have fixed. Some services charge as little as five dollars a month, and then charge you when a dispute is made – usually between seven and ten dollars per incident.
Make sure you read the fine print. When you sign up for a credit monitoring service that automatically disputes negative items, you could be in trouble. This is because the service will dispute even accurate information. So, if you miss a payment, the service will dispute it. You will lose. The missed payment remains on your credit report, but you still have to pay the credit monitoring service for disputing the item.
In our review of many credit monitoring services we found GoFreeCredit.com to offer great services with a great price. Click here to view their services.
Credit monitoring on your own
Many people, if they have the time, prefer to handle their own credit monitoring. It is possible to get a three-bureau report, along with a credit score, for between $45 and $55. You can do this twice a year for the same price as continuous monitoring. Additionally, making use of annualcreditreport.com can also help you. This site was set up – in accordance with the law – to allow you access to one free credit report each year from each of the three major credit bureaus. This means that every four months you can get a report from a different bureau, free of charge. Some people choose to do this – since the information on each report is often the same – and then supplement with one three in one report each year.
Also worth noting is the fact that if you are turned down for credit, you are entitled to a free credit report from the agency whose information was used to make the decision. As long as you request your report within 60 days of the rejection, you can get a free report.
In reality, there is no reason to pay someone else for continuous credit monitoring. If you plan to check your credit report every few months, and if you take a few minutes to do it yourself, you can get credit monitoring for much less per year.
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