Best Credit Monitoring Services
Best Free Credit Monitoring Services
Free credit monitoring services generally come with fewer features than their paid counterparts. However, a free service may still be a good fit for consumers who plan to monitor their own credit reports more actively while relying on the platform for alerts and monthly score updates.
Tips for Comparing Credit Monitoring Services
There are so many credit monitoring services on the market it can be difficult to choose the one that best meets your needs. Follow these tips when comparing credit monitoring services:
- Look for services that monitor credit reports from all three credit bureaus
- Choose a plan that offers a large amount of identity theft insurance (usually $1 million)
- If applicable, choose a provider that offers family plans or also includes identity monitoring for children
- Review complaints submitted through the Better Business Bureau (BBB)
Methodology
We reviewed 13 popular credit monitoring service providers based on 16 data points in the categories of services provided, cost and fees, customer experience, and reputation and customer satisfaction. We chose the best services based on the weighting assigned to each category:
- Services: 45%
- Cost and fees: 35%
- Customer experience: 10%
- Reputation and customer satisfaction: 10%
Within each major category, we also considered several characteristics, including credit scores and credit bureaus monitored, identity theft insurance, monthly fees and discounts, trial periods and customer reviews.
Where appropriate, we awarded partial points depending on how well a lender met each criterion.
What Is Credit Monitoring?
Credit monitoring is a service that tracks activity on a consumer’s credit reports and alerts them of any potential issues. Subscribers receive alerts for suspicious activity like new accounts and large changes to balances that may be the result of identity theft or other fraud. These services also include credit score updates, tracking and simulations to help consumers better manage their credit profiles.
How Credit Monitoring Works
Credit monitoring services monitor major credit bureaus for changes to a subscriber’s credit profile. While some providers check all three bureaus, others monitor only one or two. Consumers then receive alerts if there are any changes that suggest identity theft, making it easier to avoid theft or catch the perpetrator quickly.
And, because the best credit monitoring services also include identity protection services, providers typically offer identity theft protection, dark web monitoring and other features aimed at protecting personal information online. Consumers are charged monthly or annually, with costs generally ranging from around $7 to $40 per month.
When to Consider Credit Monitoring
Credit monitoring can be a convenient way to keep tabs on your credit profile and get early warnings about possible identity fraud. While most consumers can benefit from credit monitoring services, there are a few situations where they are most helpful:
- Your credit card company doesn’t offer integrated credit monitoring services
- You have had issues with identity theft that make you more susceptible to credit fraud
- You don’t want to monitor your credit on your own
How to Choose a Credit Monitoring Service
Start by evaluating why you need a credit monitoring service. For example, if you’re already a victim of identity theft, choose a company that monitors all three of the major credit bureaus. Likewise, select a provider that offers high identity theft insurance coverage and additional features like dark web scanning.
Needs vary, but consider these general factors when choosing a credit monitoring service:
- Cost. Credit monitoring services usually charge users a monthly fee. However, many provide a discount for customers who pay annually. There are also free credit monitoring services on the market, but these offer less comprehensive features than paid competitors.
- The number of credit bureaus monitored. The best credit monitoring services offer triple-bureau protection, meaning they monitor all three of the major credit bureaus—Experian, Equifax and TransUnion. Free monitoring services and entry-level packages often include only one bureau.
- Credit score model. The score reported by credit monitoring services varies by provider. While some provide users their FICO Score, others only include the VantageScore. FICO is the most commonly used scoring model in the lending context, making it the best option for those preparing to mortgage a home or make another major purchase.
- Identity theft insurance. Many of the best credit monitoring services offer up to $1 million in identity theft insurance, while others limit coverage to $500,000 or less. Keep in mind, though, that free monitoring services often include lower coverage or none at all.
- Availability of dark web scanning. Most credit monitoring services also include identity protection services, including dark web scanning. This feature can help consumers protect their personal information like their individual and family members’ social security numbers.
Best Credit Monitoring Services Ratings
Frequently Asked Questions (FAQs)
How much do credit monitoring services cost?
The cost of credit monitoring services depends on the company and level of features but often ranges between $7 and $40 per month for individual plans. Plans that cover families typically cost more, though some credit monitoring companies offer family protection at no additional cost. That said, there are some free credit monitoring services, but these tend to be less comprehensive and may only provide single-bureau monitoring.
Should you pay for credit monitoring?
There are several free credit monitoring services on the market, but these generally come with less robust features than paid products. Many do not monitor all three of the major credit bureaus and fail to provide as much identity theft insurance as paid services. Likewise, many credit card companies offer credit monitoring as part of their card services, but many only monitor one bureau or don’t offer services beyond score alerts.
Check with your credit card providers to see what kind of credit monitoring services they offer. If monitoring is unavailable—or insufficient—consider a paid provider. Consumers who have already fallen victim to identity theft should also pay for a more comprehensive credit monitoring service so they receive alerts of activity for all three of the major credit bureaus.
How do you avoid credit monitoring scams?
The best way to avoid credit monitoring scams is to only sign up for a monitoring service through a reputable provider. Before submitting any personal information, look up the company through the Better Business Bureau (BBB) and read online reviews from current and past customers. Likewise, do not sign up for credit monitoring services through email links from unknown senders or through robocallers.
