How to Choose the Right Credit Score Monitoring Service?
As a credit card user, it is important to monitor your credit score. Credit agencies collect data from financial institutions such as credit card issuers, banks, and credit unions on how you manage your credit cards. They also collect data from 3rd party agencies that track your payment history on utility bills, mortgage, and car payments. These agencies provide objective financial information on you, which help them to decide whether a credit card or loan is suitable for you. If you have a good score, it indicates that you are financially stable and can be granted a credit card to finance some important need or pay off previous loans. On the other hand, if you have a poor score, then it is assumed that your aptitude to manage debts is questionable, and it may be revoked.
If you want to improve your credit score, then you should know your credit score so that you can prepare yourself. It will also help you to take appropriate steps to improve your rating.
For that, it is important to periodically check your credit score. Checking your score regularly helps you to ensure that your credit score is improving. Checking your score every month or twice a year will help you to take corrective action in time if your score happens to be dropping. You will be able to obtain information about whether your score is improving, worsening, or staying the same.
myFICO: Most Comprehensive Credit Monitoring Service
Taking care of your credit score is like health maintenance. You don’t really realize the problem until you have a heart attack, or when it’s too late. Then, you find out you didn’t have to do all of that hard work and could have been doing it from the start.
Most of us are on too many debt levels and prioritize our money towards paying off the ones which give us high interest rates. However, most of us fail to realize that just as there’s a price to pay in terms of debt acquisition, there’s also a price to pay in terms of maintaining the debt we already carry.
With credit scores, it’s just like your car’s odometer. You never realize how much you are paying in interest every month until you get the final bill. The higher your credit score, the lower your interest rate. You want to continue paying your credit amounts but at the same time, not spend extra money on your debt.
The way to ensure that you don’t go over budget is to monitor your credit score regularly. You can choose one of the three credit score monitoring service providers:
Experian Boost: Helpful For Limited or No Credit History Customers
Experian has a website called Experian Boost. This site is tailored for people with little or no credit history. The purpose of the Boost site is to help you obtain your first credit account and establish a credit history. The site offers a variety of resources, most of which include videos on how to gauge your credit score, how to establish your credit history, and how to establish credit card and loan accounts.
The site also has a credit 101 section where you can learn about the credit process and how credit scores work. It also explains what happens when you miss a payment, and what factors affect your score the most. You can also get a free credit report.
So, if you are wondering how to improve your credit score, start by checking out Experian Boost.
Credit Karma: Free Service & Simulator
Mint.com – Free Informational Credit Scores
TransUnion: Free and Paid Credit Monitoring Services
TransUnion is one of the three largest credit bureaus in the United States, along with Equifax and Experian.
The company’s business is centered around consumer credit data. It collects, processes, tracks, and markets consumer credit data to companies interested in their customers’ credit scores.
As the business is rooted in consumer credit, it’s unsurprising that TransUnion offers a number of credit score monitoring services. These are generally divided into two categories … free and paid credit score monitoring.
Free Credit History with TransUnion
As the majority of TransUnion’s revenue comes from selling credit report data, it’s preferable for the company to charge its users for credit score services rather than give them away. Since free access to credit report information is often enough to satisfy a consumer’s credit score monitoring needs, TransUnion offers free credit report access as one of the first bumps in its credit score monitoring service.
Fast3CreditScores: $19.95 per month
Credit Sesame – A Truly Free Credit Score Provider
Credit Sesame offers a truly free credit score service. It pays to have more than one snapshot of your credit score, so Credit Sesame serves as an excellent compliment to a FICO score or a monthly credit monitoring company.
Credit Sesame uses the VantageScore 3.0 credit scoring model, which is substantially more sophisticated than the older FICO 8 model. There’s no credit card required to sign up, and you can check your score as many times as you want. Additionally, with customizable reminders, you can keep tabs on important changes to your credit information.
Who Credit Sesame Is Best For
The Credit Sesame is best for those who want a realistic view of their credit. With daily updates on key credit factors, you can take action when it’s most helpful for your score, and rest easy knowing your potential lender’s this product.
Your Bank, Credit Union or Credit Card Provider
When it comes to credit score sites, you have several options. You can watch your score at a bank, a credit union or at your credit card company. Whether you pick one of these three companies is a matter of personal preference.
Some people don’t consider themselves to be loyal to any financial institution, so they’re more open to using companies that offer a credit score website. Others have a bank or credit union that they like to use, and they prefer to access their score using that institution’s website. Still others may use their credit card company’s website since they already have an account established there.
If you’re thinking of going with a bank, a credit union or a credit card company, you’ll need to review their policy first. Some may want you to sign up for an account or pay a fee to view your credit score on their website. Others may allow you to view your score on an account you don’t have. These are all different ways you can use a credit score website.