Credit ProtectionEquifax Credit Monitoring Review
August 18, 2010
The credit bureau, Equifax, offers a variety of credit monitoring services that can help protect you and your family from identity theft. Instead of just one blanket service, Equifax has a few different ones. This way you can cater your credit monitoring to your needs or the needs of your family.
Traditional credit monitoring services
With each of these services you will get daily alerts of any changes to your credit file that could signal an identity thief is making fraudulent transactions in your name. These changes include but are not limited to new accounts being opened or your contact information being changed.
Also, all of these plans give you the security of a $1,000,000 ID Theft Insurance policy. This policy protects you from many of the costs associated with restoring your credit and accounts if you do become the victim of identity theft. Once you start using the service, identity theft is less likely to occur. But in case it does happen you will be covered. There is no deductible on this policy. Insurance underwritten by member companies of American International Group, Inc.
Equifax Complete
This is the most in-depth credit watch program that Equifax offers. With 3-in-1 monitoring you will be alerted daily of changes not just to your Equifax credit file but also to your files at the other two major credit bureaus, Experian and TransUnion.
Equifax Complete includes one 3-in-1 Credit Report with 3 scores, with details about what’s impacting each of your scores. The score power gives you your score from each of the 3 main credit bureaus plus a simulator that allows you to predict your credit score based on actions you take to improve it. It also includes unlimited access to your Equifax credit report and score.
If you want they will even give you additional identity protection through their Automatic Fraud Alerts feature.
Equifax Credit Watch Gold with 3-in-1 Monitoring
This service is similar to the previous one except you do not have the credit score benefits.
Equifax Credit Watch Gold
Again, a similar service. With this plan, you receive daily monitoring of your Equifax credit file only as opposed to your files at all three credit bureaus. This plan is the most affordable and it provides an ok level of coverage since the credit bureaus will usually share information but we do not recommend it unless you have other credit protection plans in place.
Why? If a creditor granted credit in your name through a different bureau and the information did not propagate to Equifax you would be unaware of the theft and could face a horrible experience restoring your credit and good name. There is also a delay in time from when a change in your credit report at one bureau propagates to the others.
Customer Service
Equifax has 24/7 customer service. This same dedicated customer service team will be available to assist you once you purchase your credit monitoring plan and includes members who are trained fraud specialists in the event you become an identity theft victim. Usually the size of a credit bureau prevents them from having top notch customer service but it is nothing that should prevent you from considering Equifax for your needs.
Pricing
The monthly costs for these plans and the corresponding links to Equifax’s website follow:
Credit Watch Complete- $14.95/month
Credit Watch Gold with 3-in-1 monitoring – $14.95/month
Credit Watch Gold – $9.95 (not recommended)
You can order any of these services online right now at Equifax by clicking the appropriate link above…
and begin protecting the most valuable asset you will ever have: your good name.
Equifax FICO Credit Score
In addition to credit monitoring, Equifax also gives you the option of purchasing Score Power, a unique service that will give you your Equifax FICO score plus a simulator that allows you to predict your FICO score based on actions you take to improve your credit score. Your FICO score is the score used by 90% of lenders and is the one recommended by Suze Orman among others. It is the number often used to determine loan rates and approvals.
This is an ideal service for people looking to apply for mortgages or other loans that tend to have varying interest rates. You will learn what rates you’ll be likely to qualify for and be alerted to the activities that trigger changes in your score. It’s a good way to learn where you stand right now and what exactly you can do to make positive changes to your credit score for the future. This is a great service for those actively monitoring their credit score and either protected from identity theft by other means or unconcerned with the threat. Hopefully it is the former otherwise we highly advise you to learn more about identity theft and its risks.
