22 Feb Free Credit Checks vs. Paid Credit Monitoring
Maintaining good credit health is crucial, but navigating the world of credit checks and monitoring services can be confusing. Together, let’s explore the key differences between free credit checks, like what Credit Boost offers, and paid credit monitoring, a service your bank or other monitoring service, may provide. We’ll navigate the pros and cons of each service so you can make an informed decision about what service best suits your needs. Let’s dive in!
Free credit checks
Also known as soft enquiries, free credit checks offer information such as:
- Your full name
- Your date of birth
- Current and past home addresses
- Phone numbers
- List of all their credit accounts
- Credit guarantors
- Account types
- Account opening dates
- Credit limit or loan amounts
- Current balance
- Payment history
- Inquiries
- Tax liens
- Bankruptcies
- Judgments
Pros
They’re cost-effective, as you can access your credit report without hurting your credit score from each bureau annually. They’re also useful for occasional checks during the year or monitoring changes after specific events, like resolving errors.
Cons
Free credit checks provide a limited scope. Usually, they don’t offer a detailed credit score and only include basic information from one bureau, not the full picture. Also, you can utilise them only for limited monitoring– there are no ongoing alerts for changes or potential fraud. Plus, you’ll need to acquire your report from each bureau separately.
Paid credit monitoring
Everything about the pros and cons of paid credit monitoring.
Pros
Paid credit monitoring offers comprehensive monitoring, tracking changes across all major credit bureaus, often in real-time. Additionally, you’ll immediately be notified of fraud alerts and suspicious activity, which could potentially minimise risks. Lastly, many services offer identity theft protection, credit score simulations, and educational content.
Cons
The cost involved in credit monitoring services can be quite steep, and monthly or annual subscription fees add up. Interestingly, some people may feel anxious because they over-monitor their credit. Moreover, credit monitoring doesn’t automatically equal a perfect credit score.
How to choose between free and paid services
Consider your needs, budget, and credit when making a choice. If you’re under budget constraints or only need occasional checks, free services may just be for you–however, if you value proactive alerts and comprehensive monitoring, paid services offer more peace of mind. They’re also useful for those particularly susceptible to identity theft and fraud, making paid services worth the investment.
All in all, it’s up to you whether you fork out the cash for paid credit monitoring or occasionally check your credit with the free services available.
Check your credit for free, right now with Credit Boost! Alternatively, get in contact with us.