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Credit Monitoring Comparison for 2008 - 3 in 1 report monitoring services

Wed Aug 20, 2008 10:08AM | By Tony

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Can anyone tell me what is the most accurate and least expensive score watch and credit monitoring service for all 3 bureaus? Our readers ask this question a lot ... We think that the most accurate score watch service should provide monitoring of the true Fico score (not substitutes), and the least expensive services are those that come with a free trial and include actual Fico scores (so you won't have spend additional money buying scores separately). The Credit Bureaus themselves would be the best place to start shopping. So today's comparison is based on services from the 3 main bureaus and from the Fico producer itself (Fair Isaac). This comparison covers the most handy version of monitoring (and the only one you really need), the 3 in 1 credit report monitoring, also called 3 Bureau Credit monitoring. All three bureaus offer this type of service. Below is how they compare ...

Credit Report Monitoring has become much more popular with the current mortgage crisis and the troubled economy. This comparison will benefit people who care about what goes in and out of their credit reports as it directly affects their ability to get favorable loans rates. But be aware ... Many people do not understand what they get with this type of service ... they get scores that are not true Fico scores and thus they are not as useful and could be misleading! Also notice that with any of the 4 services you get only one score (if at all) but at least with myFico you get a true Fico score (from TransUnion). Only the true Fico score is used to underwrite your loan application.

Here's our point ... you need to monitor all three reports and all three scores to get the most accurate info - this will cost you $$$. So, as a compromise consider the myFICO option ...
Also, you got to realize that it is one service per person so for your spouse you would need to purchase a second service.

Whichever monitoring service you select, remember ... checking your credit report will NOT lower your score. Comparing reports quarterly is often enough to monitor your credit throughout a year and to catch the changes in your credit reports that may be affecting your Fico score.

Experian Monitoring Service

Product: Experian Triple Advantage Credit Monitoring
Price: $14.95 per month
Credit Score watched: Experian PLUS Score, free
Free Trial: 30 days
Identity Theft Insurance included: up to $50,000, by Virginia Surety Company, Inc.

Experian PLUS Score is similar to but is not the same as Fico score.

Noteworthy features include:
-Daily monitoring of your Experian, Equifax, and TransUnion data in one easy-to-read report (Experian 3 Bureau Credit Report with free credit score.)
-Receive email alerts of key changes to any of your 3 credit reports
-Get unlimited Experian credit reports & Experian PLUS Score with paid membership

Equifax Monitoring Service

Product: Equifax Credit Watch Gold with 3-in-1 Monitoring
Price: $12.95 per month
Credit Score watched: None, reports only
Free Trial: No
Identity Theft Insurance included: up to $20,000, no deductible

Noteworthy features include:
-Automated alerts within 24 hours of key changes to your Equifax, Experian, and TransUnion credit reports
-Wireless alerts available
-Free 3-in-1 Credit Report and unlimited access to your Equifax Credit Report. (Inside, you'll find your most recently accessed report - it is not the same as your current report. You will have to buy your current report.)
-For additional $2 per month you can buy the 'Lock and unlock your Equifax credit report' online service.

Transunion Monitoring Service

Product: Transunion 3-Bureau Credit Monitoring
Price: $14.95 per month
Credit Score watched: TransRisk New Account Credit Score
Free Trial: No
Identity Theft Insurance included: up to $25,000

TransRisk New Account Credit Score is not a Fico score; it is similar but not identical to Fico score.

Noteworthy features include:
-unlimited 3-in-1 Credit Reports & Scores
-Credit Alerts Within 24 Hours of Critical Changes
-Receive a brand new credit report anytime you want

myFICO.com Monitoring Service

Product: myFICO.com FICO Quarterly Monitoring
Price: $4.95 per month or $49.95 per year
Credit Score watched: TransUnion Fico score
Free Trial: 30 days
Identity Theft Insurance included: up to $25,000 from St. Paul Travelers, no-deductible.

myFICO credit monitoring compares your credit reports quarterly. It tracks your TransUnion Fico score (or Beacon score) and credit report.

Noteworthy features include:
-Keep track of your TransUnion credit report and TransUnion Fico score.
-They'll automatically pull your current report and score quarterly so you'll continually know what's happening with your credit.
-With each of your 4 TransUnion Fico scores you will continue to see how your score ranks, what types of rates you might qualify for and actions you can take to get your score into the higher ranges.

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