Security is Everyone's Job
Credit monitoring software and services are tools that help you track your credit score and report, and alert you when there are changes or signs of fraud.
They can help you improve your credit, prevent identity theft, and access better rates on loans and credit cards.
The number of credit bureaus monitored: The best credit monitoring services offer triple-bureau protection, meaning they monitor all three of the major credit bureaus —Experian, Equifax and TransUnion. Some services only monitor one or two bureaus, which may not give you a complete picture of your credit.
The frequency of updates: Some credit monitoring services provide daily, weekly, or monthly updates on your credit score and report, while others only update quarterly or annually. More frequent updates can help you spot errors or fraud sooner and take action.
The type of credit score model: There are various types of credit scores, and lenders use different models to make lending decisions. Some credit monitoring services provide your FICO Score, which is the most commonly used scoring model in the lending context, while others only provide your VantageScore, which is less widely used. If you are planning to apply for a major loan or credit card, you may want to choose a service that gives you your FICO Score.
The identity theft protection features: Most credit monitoring services also include identity protection services, such as dark web scanning, identity alerts, identity recovery, and identity theft insurance. These features can help you detect and resolve identity theft issues, and reimburse you for any losses or expenses you may incur due to identity theft. The amount and scope of identity theft insurance vary by service, so you may want to compare the details before signing up.
The cost and fees: Credit monitoring services usually charge a monthly or annual fee, ranging from free to over $30 per month. Some services offer free trials, discounts, or money-back guarantees. You may want to compare the prices and benefits of different services and choose the one that fits your budget and needs.
Experian: This is one of the best free credit monitoring services, as it provides unlimited access to your Experian credit report and FICO Score, as well as daily monitoring, alerts, and dark web scanning. You can also upgrade to a paid plan that includes triple-bureau monitoring, identity theft insurance, and more.
PrivacyGuard: This is one of the best low-cost credit monitoring services, as it offers plans starting from $9.99 to $24.99 per month. It provides triple-bureau monitoring, daily credit score updates, identity theft insurance, and more. You can also access financial tools, such as calculators, simulators, and educational resources.
Experian IdentityWorks: This is one of the best credit monitoring services for families, as it offers plans that cover up to 10 children. It provides triple-bureau monitoring, daily FICO Score updates, identity theft insurance, and more. It also monitors your Social Security number, bank accounts, and other personal information.
Transunion: This service gives you frequent access to your credit history, so you can check your credit report as often as you like. It monitors your credit file and alerts you to key changes such as a new account opened in your name or negative information like a late payment reported by one of your creditors. It also provides you with your VantageScore credit score and helps you understand the factors that affect it. The subscription price is $29.95 per month (plus tax where applicable). You can cancel anytime.
Equifax: This service lets you check your VantageScore credit score and Equifax credit report daily, and get alerts when key changes occur. You can also lock your Equifax credit report from being accessed by certain third parties for identity theft protection. The subscription price is $4.95 per month. You can cancel at any time; no partial month refunds.