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Credit Monitoring Revisited

Posted by Arnold on 04/17/15, 10:13

About 2 years ago, I blogged about credit monitoring and how to keep track of your credit identity and rating. Although there are several "manual" ways to monitor your credit, there are some websites out there that collect and report your credit history and score to you. For just the price of creating a free account, websites such as creditkarma.com and credit.com will provide you with your credit scores from the top 3 credit reporting agencies at specific intervals (usually about once or twice per month). Credit Karma provides you with your TransUnion credit score (and most recently, as of December 2014, your Equifax credit score), and Credit.com presents you with your Experian credit score. By way of advertising credit products and services to you through their websites, your credit scores are basically free.

Keep in mind that any free credit reporting/scoring website will most likely be using a VantageScore 3.0 type of score instead of the more widely-used (by 90% of credit and lending agencies, according to myFICO.com) FICO type of score. Both score types are not usually exactly the same, so take the credit scores presented to you on free websites with a grain of salt.

Also, be aware of the way that your credit information is presented to you on these free websites. The methods of information gathering used may differ from one website to another, and their sources may be less accurate than asking a credit reporting agency directly. Assuming that you do see your own relevant credit information, these websites may present any variation of scales, numbers, or grades to interpret this information for you. Be sure to check each website to see what each of their metrics means.

In addition to free websites that offer credit reporting information, you always have the option to pay for your credit information directly from the credit reporting agencies themselves. The information you get directly from the agencies will undoubtedly be more accurate than obtaining them second-hand from other websites, and you will probably be receiving a FICO score as opposed to a VantageScore 3.0 score.

Although there are many more websites that can offer free credit reports and scores, you should not rely on them completely for your credit monitoring needs. It is always a good idea to get a free annual credit report from each of the 3 major credit reporting agencies since they are able to provide your credit history to you in a straightforward way. And for those who need extra help in digging themselves out of the bad credit pit, there is always the option of purchasing credit monitoring services through these agencies as well. Using a combination of services is the best way to stay on top of your credit.

WKRF: Credit Monitoring Free Credit Report Sites

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