Have you checked your credit report lately? You're entitled to an annual free credit report that can make you aware of unpaid debts or possible ID theft -- both of which can derail your finances if they go unnoticed for too long! A good or a bad credit report can mean the difference between being approved or not approved for a loan, not being able to buy or rent, having to forego vital purchases, and affects your ability to obtain future credit. FICO (Fair Isaac and Company) is the data analysis services that compiles your credit history from the top credit monitoring companies, which then arrives at your credit score. Who does FICO depend on to provide them with information? The top three FICO credit monitoring services are Experian, TransUnion, and Equifax. Learn more about the best options for getting free credit reports and invaluable ID theft protection plans.
Free credit reports are available from a variety of companies. Firms such as Experian, TransUnion, and Equifax provide free credit reports in addition to different benefits at varying levels, including identity theft protection. These companies also differ in that some provide information from all three credit bureaus, while some only provide information from one or two of the bureaus.
Experian, TransUnion, and Equifax have distinguished themselves as the best credit monitoring services. They are the three companies that FICO trusts, and it will be very difficult for another service to breakthrough and join these three firms at their level.
Free online credit score reports contain a wealth of information, including bill payment history, loans, current debt, any bankruptcy, and more. It's important to check your credit report regularly to ensure that your personal information and financial accounts are being accurately reported, as potential employers, banks, lenders, and insurers can all access this information.
Identity theft protection plans provide millions of customers with peace of mind each year. Identity theft protection plans like LifeLock, Identity Force, and ID Watchdog use all three credit bureaus, offer legal support, and provide 24/7 customer service.
Fast credit alerts are available with identity theft protection plans and credit monitoring services. This type of service usually requires a membership, but it is worth the peace of mind.
Credit report services offer a lot more than just free credit reports. Customers who sign up with one of a range of affordable plans can get control over who can see each credit report, fraud alerts, security freezes, and disputes on suspicious activity found on credit reports.
It is essential for consumers to take advantage of free credit checks at least once a year. Consumers who have had no credit issues or fraudulent activities should be fine with receiving an annual free credit report. However, those who have dealt with security and identity theft issues in the past may want to be more diligent about getting their credit scores checked more often than once a year.
While identity theft monitoring can keep you up to date about your credit report, there are also other signs that indicate ID theft. These include collection calls and credit report inquiries regarding accounts you never opened, getting denied for a credit card or loan, and missing credit cards. That's why it's important for consumers to review their credit reports annually.