Tips to monitor your credit reports

11.10.2020 demonw

In case a robber opens a credit card under your personal information then uses your name to do other things and suddenly disappears, you may not know how to find that person or more importantly, you do not know how to do next.

Why people had better take care of their credit reports

It is not easy at all to take control over your credit at all times. However, sometimes it is not a too difficult task. You can follow the following tips. Firstly, monitoring your credit can be rather easy if you carry out the process when you have already set up and learnt about the tools. This process does not take any expensive cost even if you make use of paid services. Last but not least, this process takes only a few minutes for you to receive the whole credit report and if you want to know clearer, it would take more.

There are three credit reports taken from these bureaus, which are Equifax, Experian and TransUnion. Each of these bureaus will gather your information and then public to its own report. Another thing to stick to your mind is that if one or two of your credit reports have good results, it does not mean others are fine. Thus, you should make a careful check for all the reports in order not to miss something.

As you may obviously know, your credit scores will have a big impact on your applications for credit cards or any other loans such as house loans or student ones. With a low credit score, it would be more difficult for you to be qualified and even if you are accepted to get a loan, the interest rates may be higher than others.

It is vital for you to make sure the information in your credit reports is right. There are three major options used to monitor credit reports, which are DIY, using a free service or taking advantage of a paid one.

This article is going to present the free credit monitoring services whose main benefit is informing you if there is any change to your credit reports such as your personal information used to open new accounts. You can not get this advantage if you carry out the process on your own.

About free credit monitoring services

Currently, there have been some websites providing customers with free credit monitoring and many more are turning up on the market. These services will only offer you data from one of your credit reports. In other words, it is necessary to make use of many services simultaneously to manage all of your reports.

What is more, credit monitoring may come with a lot of different services such as basic data to more comprehensive reports. The free services, in general, will allow you to have an overview of the most basic data such as the number of accounts, credit use, your payment history as well as some others. Some services will send notifications if there is any change to your reports and some do not. You may also be provided with some useful tips to increase your overall credit score.

There are other services that will offer an overview of your credit report only. You only get the information about how many accounts you own while there is no inclusion of specific details such as the account balance or the name of your lender. Here is a few free services that you could make a try.

American Express: My Credit Guide

My Credit Guide from American Express has just come into the play recently. In spite of the fact that the company has provided their clients with various free credit scores, this new service is a little bit different from others.

With My Credit Guide, you will be offered the most basic information such as how many accounts opened under your name. More precisely, you will get the number of late payments, how many recent hard credit requirements, credit history as well as the credit limitation time and the current balance. You will not be allowed to see the dates related to those accounts.

If you get credit report from TransUnion, you can receive alerts for changes in updates for address or new accounts opened.

Last but not least, you can take advantage of its credit simulator tool, which is mainly utilized to calculate how your credit scores would change according to some certain issues. And you can make a check for both positive and negative changes such as opening new credit cards and making payment on balances.

Credit Wise from Capital One

Credit Wise is also an ideal option when it comes to free credit monitoring service, which reaches further than just basic information by more detailed one about your accounts, payment history and other details related to your TransUnion credit report.

To be more specific, the Credit Wise will give you your payment history, your recent requirements, how much credit utilized, changes to new accounts, your current credit, the accounts as well as balances including information for both open and closed ones and your own information like names, addresses and employers.

For each account on your credit report from TransUnion, you will have the chance to check the lender, the date you opened the account, credit balance, payment history and many more. You will also get the negative statuses related to your own accounts.

Similar to the above tool, Credit Wise also comes with a simulator by which you are able to calculate how your decisions can have impact on your credit scores. You can eve see what would take place if you remove your oldest card.

In addition, users will get alerts in case their TransUnion credit reports have any change or your information is utilized to create new accounts. These alerts are for both credit reports from TransUnion and Experian even though the data taken advantage in Credit Wise is totally from TransUnion.

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