Equifax Credit Monitoring Review

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 four. This way you can cater your credit monitoring to 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 $20,000 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 unlikely to occur. But in case it does happen you will be covered. There is no deductible on this policy. It is funded by Travelers Casualty and Surety, a respected insurance company.

Equifax Credit Watch Gold with Score Power
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. You can order one free all inclusive credit report with results from each bureau and receive as many Equifax reports as you wish at no cost.

The score power gives 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.

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.

Credit Score Monitoring
In addition to credit monitoring, Equifax also gives you the option of purchasing Score Watch, a unique service that will alert you to changes to your credit score – 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 plan includes two free detailed Score Power reports. This is a great service for those actively monitoring their 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.

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.

Pricing
The monthly costs for these plans and the corresponding links to Equifax’s website follow:
Credit Watch Gold with Score Power- $14.95
Credit Watch Gold with 3-in-1 monitoring – $12.95
Credit Watch Gold – $9.95 (not recommended)
Score Watch – $9.95
You can order any of these services online right now, and begin protecting the most valuable asset you will ever have: your good name.