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 If you're worried about identity theft, then you might want to consider enrolling with a credit monitoring service. These programs will monitor your credit report, and will notify you when a change or inquiry is made to your report. These services may include locking / unlocking your credit report, automated notifications, as well as access to your credit scores.
In this publication, we're going to cover the topic of credit report monitoring. We'll talk about the two main reasons why you should consider paying for a monitoring service. And we'll compare the offerings from several of the large monitoring service providers, as well as the fees associated with these programs.
Credit Report Monitoring Services
By monitoring your credit report, you'll be notified anytime a change is made to your credit history file. Typically, monitoring services will include credit inquiries, opening of new accounts, payment delinquencies, employment changes, change of address, and other modifications to public records. Services are offered as single bureau monitoring, or the monitoring of all three national credit-reporting agencies.
Consumers are generally interested in credit monitoring services for two reasons:
- Credit Scores - credit scores can be a factor in determining the cost to borrow money. Higher credit scores generally result in lower interest rates on loans. Employers as well as insurance companies also track these scores; therefore, it makes sense for consumers to monitor their scores closely.
- Identity Theft - the second reason to monitor your credit report has to do with identity theft. By closely monitoring a report, consumers are able to detect fraudulent or suspicious activity on their reports faster.
Free Credit Monitoring
There are currently three companies offering nationwide credit reporting services - Experian, Equifax, and TransUnion. By law, you're able to request one free copy of your credit report from each of these three credit-reporting agencies every twelve months.
By staggering your requests for a free credit report, it's possible to monitor your credit report at four-month intervals. This no-cost option, is arguably the most effective way for individuals that are unwilling, or unable, to pay a credit monitoring service provider to watch for suspicious activity on their reports - free of charge.
Credit Monitoring Service Providers
Companies offering credit-monitoring services generally offer either one-bureau, or three-bureau service. It's also not surprising that the same companies that are compiling these credit history reports are the "big name" companies offering monitoring services. Specifically, TransUnion offers TrueCredit, Equifax offers Credit Watch, while Experian offers Credit Manager. In the sections below, we compare these offerings to those of Identity Theft service providers such as LifeLock, and TrustedID.
TrueCredit from TransUnion
Cost:
Program Highlights:
- Unlimited access to all three credit reports and credit scores
- Notification sent within 24 hours of critical changes to all three reports
- Up to $25,000 in identity theft insurance
Credit Watch from Equifax
Cost:
Program Highlights:
- Unlimited access to all three credit reports
- One free FICO credit score plus access to a score simulator
- Customizable alerts and daily monitoring of changes to all three reports
- Up to $20,000 in identity theft insurance
Credit Manager from Experian
Cost:
Program Highlights:
- Unlimited access to your Experian credit report
- Real-time access to Experian's PLUS Score as well as simulations via Score Illustrator
- Daily monitoring of fraudulent activity, new inquiries, new accounts, and late payments
- Alerts of critical changes to your credit report including notifications via email
LifeLock - Identity Theft Protection
Cost:
Program Highlights:
- Fraud alerts established at all three credit bureaus, requiring telephone calls each time someone applies for credit in your name
- Pre-approved credit offers and junk mail blocked
- Monitoring of criminal websites and national address databases for fraudulent activities
- $1,000,000 service guarantee to pay for curing a failure to detect identity theft or fraud
TrustedID - Identity Theft Protection
Cost:
Program Highlights:
- Fraud alerts established at all three credit bureaus, requiring telephone calls each time someone applies for credit in your name
- Pre-approved credit offers and junk mail blocked
- Monitoring of criminal activities related to your Social Security Number, bank accounts, credit card numbers, and medical records
- $1,000,000 service guarantee to pay for curing a failure to detect identity theft or fraud
About the Author - Credit Report Monitoring
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