Whether you’ve been a victim of identity theft in the past or you’re considering applying for a new credit card and want to make sure it’s protected against all kinds of cyber threats – one thing is for sure, you’ll want choose one of the best credit monitoring services.
Unfortunately, identity theft and fraud are terribly common these days and if cybercriminals get their hands on your personal information, they can use it to open credit accounts, take out big loans and bring you to the brink of bankruptcy. According to the 2021 Javelin Identity Fraud Study, identity theft and scams cost US citizens a loss of more than $43 billion.
By using only the best credit monitoring services, you will easily track your credit score and protect yourself against identity theft. This security service will provide prompt alerts on any changes to your credit profile, as well as monitor your financial accounts and the dark web for any suspicious signs.
To speed up your search for the perfect credit monitoring service, we’ll look at the value for money, important features, and user-friendliness of these solutions and select the ones we find the best. However, before getting into the nitty-gritty, let’s clarify what credit monitoring services are and how can you find the right one for you.
What are credit monitoring services?
The sole purpose of a credit monitoring service is to quickly alert you to any changes to your credit scores and reports, giving you the ability to inspect your credit account for signs of suspicious transactions.
While credit monitoring won’t stop cybercriminals from stealing your identity, it will give you a chance to act in time, freeze your credit, block anyone who tries to open accounts using your name, report that your identity has been stolen and start recovering from identity theft. In short, it can reduce your losses and speed up your identity recovery.
How to choose the best credit monitoring services?
With so many credit monitoring solutions on the market, it can be difficult to choose the right one for your needs. In addition to trusting our best credit monitoring services, you can conduct your own investigation and check if the service monitors the credit account of the three major credit bureaus (Experian, Equifax and TransUnion), how is their insurance against the identity theft (it should be no less than $1 million), and check to see if they offer any family-friendly packages.
With the right credit monitoring services, you will easily keep an eye on your credit score and protect yourself from any serious consequences.
Best Credit Monitoring Services: How We Test Them
Since a full evaluation of a credit monitoring service is nearly impossible – the test would take a few months and expose the reviewer to a real risk of identity theft and fraud, we will take an alternative approach.
First, we’ll look at what services are available, how many tiers there are, and how much they cost. Next, we’ll evaluate ease of use, check out unique features, and find out what value for money these providers offer and how they hold up against their competitors.
If you want to stay on top of your credit with Experian, you can opt for one of three options – and the first is completely free. With it, you will be able to keep an eye on any changes with an updated report every 30 days.
However, if you opt for the CreditExpert plan, you will get daily updates on your credit score, a detailed credit report with your credit history for the past six years, and near real-time alerts via SMS and e-mail. mail in case of any change in your credit. Additionally, the plan also includes a web monitoring service and if you are a victim of identity theft, Experian’s support staff will contact lenders on your behalf and ensure that the credit report is repaired. .
Signing up for Experian’s credit monitoring service is quick and easy – and you don’t have to hand over a lot of personal information to get started. Fill in your full name, date of birth, address, and some financial details – and you’re good to go.
Read our full review.
When it comes to credit monitoring, IdentityForce is a long-time industry leader that offers two feature-rich packages: UltraSecure and UltraSecure+Credit. Aiming to be on all fronts and protect its user from all kinds of scammers and frauds, IdentityForce monitors a wide variety of information including social media, court records and even the depths of the dark web. So if their app detects the potential for fraud on your credit cards, bank account, social security number, medical ID, or home address, it will alert you right away.
Although both packages share most of their features, with UltraSecure+ you will also get credit score reports and report monitoring. It should also be noted that they provide reports from the holy trinity of credit bureaus (Experian, Equifax and TransUnion), and a few others.
Setup is surprisingly simple, and once you download the app to your device, you can even perform a scan for fake public networks, spyware, and untrusted sites.
Although IdentityForce’s services have a monthly cost, if you sign up for an entire year, you’ll save a few dollars.
Read our full review.
Created by Capital One, CreditWise is a completely free credit monitoring app with no strings attached. Although its users don’t have to share their credit card details to sign up for this service, they have to be of legal age – and that’s about it.
The app will give you access to your VantageScore 3.0 credit score, TransUnion credit report, apt alerts, and a credit score simulator.
Credit score is organized into six main categories where you will receive some tips and tricks on how to increase your score in each. TransUnion credit reports are surprisingly well organized and they come with a VantageScore credit score which is provided once a week. In contrast, there is no FICO credit score.
The built-in credit score simulator will give you an idea of how you can improve your score by changing a thing or two, which can be really handy.
We should also note that CreditWise works with two of the three bureaus (TransUnion and Experian) to monitor your credit reports and keep you on the safe side.
Choose the best credit monitoring service
With credit monitoring services, you can check your credit reports and personal information without a hitch. On top of that, the best credit monitoring services can also protect you against identity theft (or at least more serious consequences) and other privacy breaches.
So to prevent a cybercriminal from accepting tons of large loans using your name, consider using some of our top picks for credit monitoring services.