We've all seen the commercials about the necessity of credit monitoring, but which monitoring agency does the best job? Here are some facts about 3-credit-bureau monitoring services to help you decide.
Identity Guard
If identity theft protection is your primary concren, Identity Guard might be the best option. It includes a lot of services like 'Zone Alarm Internet Security Suite', a computer security software with hourly updates, which is free for as long as you subscribe to 'Identity Guard Total Protection' services. Identity Guard offers the longest free trial period, 30 days. The monthly cost of $14.95 covers quarterly reports from all 3 major credit bureaus (Equifax, Experian, and TransUnion) plus daily credit alerts by text, email, or phone. The website also offers credit analysis tools free to subscribers. The only potential drawback to this service is the use of quarterly credit reporting as opposed to monthly or unlimited reporting offered by other services.
Free Credit Report
Probably the most heavily advertised of all the 3-credit-bureau monitoring services, freecreditreport.com actually offers a 7 days free trial period. After that, you'll be billed $14.95 a month until you cancel it. All 3 credit-reporting agencies are monitored and email alerts are sent any time there's a notable change on any of the credit reports. Experian credit reports are unlimited and you can get your credit score on demand.
Equifax
Some advantages to Equifax are instant email, text, or phone alerts on instances of potential identity theft and 24 hour customer support. Equifax also offers identity theft insurance with up to $1 million in coverage. Equifax charges $14.95 per month, but it should be noted that the base package price does not include your credit scores. Those are available in a separate plan for $9.95 per month.
TransUnion
For the same $14.95 per month, TransUnion offers credit reporting and scores from all three credit bureaus, instant alerts and change notifications and credit and financial management tools. The website is easy to navigate and full of financial advice and information. Searchable TransUnion reports are available daily, and reports from the other agencies are updated monthly. .
Conclusion
Regardless of which 3-credit-bureau monitoring service you choose, it's up to you to keep track of expenses and verify that you are responsible (or not) for things that adversely affect your credit. A service can alert you when something affects your credit, but you are the only one who can determine whether you simply missed a payment or something strange is happening. To use this type of service effectively, if you see a credit issue for a charge you did not make, contact the company immediately and take steps to resolve the issue.