Various credit report agencies like Experian, Equifax and TransUnion offers different plans to check credit scores and credit history. Here is the detailed comparison of these credit reporting agencies. Please note, pricing mentioned below are monthly.
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In the financial world, your credit report is the key factor for lenders to decide whether to lend you money or not as well as what should be the interest rate. This is perhaps the reason why many people need to view and check their credit report once a year at least to make sure that all information within it is correct. However, many believe that checking or monitoring the report will hurt the credit status but this is not true. When you check your credit report, it is a soft inquiry that actually does not affect your credit status unlike the check done by a lender, which influences your score.
There are several all credit report services that give access to your credit score and report from three major bureaus: Equifax, TransUnion, and Experian. However, each of them differs in terms of features and extra services on offer. In order to choose the most suitable service provider or service, here are some features to look for.
Although there are several companies generating your credit score from their own models, the most respected ones are of Equifax, Experian, and TransUnion along with VantageScore and FICO. Even in case of reports, those from these big three giants are in high demand. Knowing about the information in all three reports can be vital, as several lenders may need only one or two reports while taking the lending decision.
Therefore, choose a service that grants instant access to all these scores and reports. The best provider will offer a three-bureau report package at a reasonable price. Usually, a few providers also facilitate access to the credit score without going through the full report, which may be a valuable feature for you to consider.
The best provider will offer you a report that covers both positive as well as negative factors affecting your credit score. Most reports come with a summary of hard inquiries (made by lenders), soft inquiries (made by you), new accounts, and account balances. Further, the report should be easy enough to read and comprehend for which the text, structure, and layout must be in a good format.
Majority of credit service providers allow monitoring the three-bureau credit scores for tracking major changes or doubtful activity to ensure credit protection. A genuine credit report provider sends mobile or email notifications instantly on any change apart from monthly credit statement of the credit activity. If you wish, you can even look for FICO score monitoring service, which very few providers have on offer.
This is essential to prevent digital fraud. Most companies, therefore, offer features such as web scanning, early warnings, fraud notifications, lost wallet protection, fraud specialist to resolve your issue, and insurance coverage. However, a few companies also extend their services to minors for protecting their online identity. The early warnings alert you about a suspicious behavior that is taking place online, while fraud notifications notify credit bureaus about the fraud. The feature of lost wallet protection helps in canceling or replacing the stolen cards. These features might not be felt essential but are surely the means to add value to your pack or plan chosen.
Several credit companies offer an online account where the dashboard allows accessing credit information, dispute wrong items, view alerts, and freeze any suspicious account. Therefore, you can go for tools such as dashboard, online dispute raiser, and score estimator for predicting the impact of financial decisions on credit score.