During a shaky economy, it is especially important that a consumer have a high credit score in order to obtain a loan or receive additional credit. There are hundreds of credit reporting services that do business online and finding the best one requires a bit of research. Compare free credit reports offered by each one in order to see which service is the best.
A credit report can be equated to a consumer’s list of accomplishments when it comes to spending habits. These reports display the terms and status of loan and credit card repayments and they calculate an overall credit score. This score helps lenders determine whether the individual is worthy of receiving additional credit.
Many companies will provide a consumer with a free credit report. These reports include information from TransUnion, Equifax, and Experian credit bureaus. Identity Guard, Privacy Matters, and Equifax are credit reporting services that give consumers information from all three credit bureaus. Freecreditscore.com and Smart Credit give consumers scores from only one credit bureau each. It is important that all three scores be reviewed because lenders rely on different ones.
Identity theft has become an increasing threat to many individuals, due to the amount of publicly available information. Identity theft protection is offered by Identity Guard and Smart Credit as part of their standard packages. This protection includes daily monitoring of financial black markets and Internet chat rooms to make sure that client personal information is not being used by identity thieves. It also checks to make sure that no unauthorized credit applications are made in the name of the individual.
When reading the credit report, check for inaccuracies and have them corrected as soon as possible. Reporting agencies such as Smart Credit and Equifax allow customers to use an online form to identify inaccuracies on the report. This allows the service, rather than the consumer, to notify the lenders and credit bureaus in order to correct the issue.
Cost to enroll and maintain credit report service varies depending on the company selected. Identity Guard and Equifax provide a free 30-day trial and then a $14.95 monthly fee after that time. Smart Credit includes a free five-day trial before a monthly charge is incurred. Privacy Matters and Freecreditscore.com provide consumers with a free seven-day trial after which Privacy Matters will charge their current membership fee and Freecreditscore.com will charge $14.95 monthly.
Request and compare free credit reports from each of these entities in order to get a feel for what each service has to offer. Then select the best service and pay the monthly fee in order to maintain access. This will provide you with comfort knowing that a credit report is readily available for review on an annual basis and other times the need arises.
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