Month: January 2014

Credit Report Monitoring Services- Are They Worth It?

If you want to keep tabs on your credit report to catch errors, improve your score or keep an eye out for fraud, you might be tempted to sign up for a credit report monitoring service.

A credit report monitoring service tracks your credit report at one or more of the three major credit bureaus and immediately sends you an alert if any change or suspicious activity occurs.

Personal finance experts are divided about whether these services are worth the cost, but many say signing up can help some consumers. But it’s important to be able to distinguish exactly what these services offer, how much they cost and what you can expect in return for your payment.

The company we highly recommend and provide to our clients as part of our service is Smart Credit. Click Smart Credit to find out more.

credit report monitoring

Here are some tips to help you navigate the pros and cons of credit monitoring services:

The Basics About Credit Report Monitoring

Basic credit monitoring services usually track your credit reports at one, two or all three of the major credit bureaus –Experian, Equifax, and Transunion — and send you an e-mail, text message or letter, depending on your preference, if there’s an inquiry or other activity. Many also offer unlimited access to your credit report from at least one of the bureaus, tracking of your credit score, telephone help with fraud resolution and even reimbursement of some out-of-pocket expenses incurred while trying to resolve identity theft or other fraud.

Credit monitoring services can be helpful for spotting certain problems, such as if somebody opens a new credit account in your name using your stolen information. But they don’t necessarily alert you to every type of identity theft you could encounter. For example, if somebody is using your stolen personal information to get a job or a cell phone, something that wouldn’t necessarily be reported to a credit reporting agency, then credit monitoring isn’t going to pick that up.

Credit Report Monitoring versus Identity Theft Protection

For that reason, more providers have begun offering broader identity monitoring services that typically include credit monitoring along with other features — such as monitoring of public records, databases and websites for use of your personal information.

Total identity monitoring will check bank accounts for unauthorized changes to personal information and informs consumers of changes to account contact information or attempts to add new account holders to existing accounts. Ii also issues alerts for new credit account applications being made against your credit file so you can act quickly to resolve fraudulent activity.
It should also give you unlimited, 24/7/365 online access to all three annual credit reports and scores so you can check to see if information is accurate and up to date to better manage your credit, and help you identify important changes and see how your credit is trending over time.

Is Credit Report Monitoring Worth the Money?

Consumer advocates don’t all agree on whether credit monitoring, which typically costs $10 to $15 or more per month — a total of$120 to $180 a year — is worth the money. Some say it’s an extra layer of protection that’s smart to have, while others say it’s unnecessary.

Here’s our take. If you want to simply monitor your credit score and activity being placed on your credit report, perhaps not. However, if you also want to protect your overall identity than it most definitely is. Identity theft is the fastest growing crime in America. Having your identity stolen without any protection or insurance coverage can cost you thousands of dollars to recover from.

If You Want Credit Report Monitoring Only

Instead of shelling out cash for just credit monitoring, consumers could simply get their free annual credit reports from the three major bureaus at AnnualCreditReport.com and closely watch activity on their bank and credit card accounts. A consumer who wants further protection could place a 90-day fraud alert on his credit files or even pay a one-time fee to enact a credit freeze which prevents creditors from accessing the credit reports until the consumer lifts the freeze.

If You Want Full Protection

There are several companies that go beyond just credit monitoring and offer full identity protection. We recommend LifeLock. If you want identity theft protection only they have LifeLock Identity Theft Protection that we can set you up with for just $9/month or $99 annually. Or, for full coverage including credit monitoring they have LifeLock Ultimate. LifeLock Ultimate provides identity theft protection and unlimited, 24/7/365 online access to all three major bureau credit reports and scores so you can check to see if information is accurate and up to date to better manage your credit. The cost for LifeLock Ultimate is just $25/month.

60 Minutes Reports that 40 Million Americans Have Inaccurate Credit Reports.

In a segment that aired on Sunday February 17, 2013, Steve Kroft from 60 Minutes reported that a recent Federal Trade Commission study shows that an estimated 40 million people have errors on their credit report. To further the problem the credit bureaus are difficult to reach and there is no one there to help consumers fix their problem. Our company knows how to contact the credit bureaus and fight for you. Watch this 60 Minute report and then give us a call and we’ll explain how we have successfully helped over 160,000 Americans get items removed from the Experian, Equifax and Transunion credit reports.

Watch the Video

The Best Credit Repair Company in the Country… Is Right In Your City!

Searching the internet for the best credit repair company is a daunting task especially when you then have to call each one to find out how they work, how much they charge, and if they are right for you. In addition, you may not want to work with a company that is outside your area. For instance, if you live in San Diego County wouldn’t it be better to work with a credit repair company in San Diego? Or, Baltimore, the Bronx, Las Vegas, San Antonio, Austin, Tampa, and dozens of other locations. best credit repair company

Key Considerations When Choosing A Credit Repair Company

Geography

You want to find the best credit repair company and you want to find a local company. You can have both. We have Agents in all areas of the United States. Currently we have approximately 5,000 Agents located in all 50 states. Contact us for an Agent in your area.

Track Record

A bit of advice… do not work with a one man or woman operation. I have heard far too many stories of people paying their money and then not being able to contact that person because they went out of business, moved, or something else. Work with an established company that has a track record of being in the business and gaining success for their clients.

Guarantee vs. Promises

Do not listen to promises only pay attention to guarantees that you can see on the company website or in writing. Verbal promises are made by people all the time. They are worth nothing. We offer a Satisfaction Guarantee. If you are not completely satisfied with our service we will refund all or part of your money depending on the number of items we did successfully remove.

Pricing

This is a big point of emphasis in choosing the best credit repair company whether it be in San Diego or any other city in the country. There are 3 pricing models typically used in this industry.

Monthly fees

Some companies charge a set up fee and then a monthly fee until they have performed the work of deleting items from your credit report. Ask yourself this question. Do you think they are motivated to remove your items as quickly as possible or do you think they are motivated to take their time so they can collect more fees from you? People call us nearly every day and tell us they have been paying fees to a company for over a year, perhaps two years and still don’t have the results they are looking for.

Pay Per Deletion

Other companies only charge you once they have removed items from your credit report. Actually, in most cases they do charge an initial fee as well to give you an estimate of the charges once they have pulled your credit reports before you sign up for their service. This may sound good but they typically charge between $25 per item up to $500 per item. The range in fees per item depends on the type of item it is. As an example, an old cable bill might be $25. But a foreclosure or bankruptcy would be $500 per item. Now here’s the kicker and is what you need to be aware of. The charges are per item per credit bureau. So, you actually get charged $75 per item up to $1,500 per item. This pricing method can cost you $2,000, $3,000 and up to $5,000.

The Way We Do It – The Best Credit Repair Company in San Diego and the Country

We charge a one time activation fee of just $188 and then only $89/month. It includes all 3 credit bureaus, as many items as are on your reports, regardless of the type of item it is (cable bill vs. foreclosure).  We provide you with online reporting. You can log in and see the activity on your account 24/7. We send the dispute letters to you for your review so you’ll see that we are working on every item you have right away. We also provide you with othe critical services to increase, monitor and protect your score.

We provide the fastest, most effective results in the industry.

Keeping You Informed

When talking with a credit repair company ask them how they keep you informed of what they are doing for you and the progress of removing derogatory items from your report. If they have no way to keep you updated don’t work with them. We upload a list of all your items that we are working on for you to a password protected web page. You can log into this web page 24/7 and see what’s happening on your account.

This short video will tell you about all about our credit repair company and credit repair service.
Call us today at 619-492-3040 to find out more. Or, text the keyword ERACredit to 71441.