10 Best Credit Reporting of 2017
A credit report is a detailed account of a person’s credit history gathered by credit bureaus from sources such as banks, credit card companies, and collection agencies. These may include information such as an individual’s identity, public records, and existing credit, including employment history, past and present credit agreements, and debts. Credit bureaus also calculate a person's credit information and express it numerically as a three-digit credit score that determines their creditworthiness.
Since credit reports also reflect how timely an individual’s payments have been, how much is owed, and how long those accounts have been open, they are typically used by financial institutions to determine a person’s likelihood of repaying their debts, which can negatively or positively impact their borrowing ability. There are several ways of obtaining credit reports and scores, such as requesting them from a non-profit credit counselor, through a credit reporting agency, or credit monitoring services.
Credit reporting services are agencies that monitor a client’s credit report from one or more of the three main bureaus, issue alerts when there are changes, and offer advice and instruction for credit improvement. Some credit reporting services also provide identity theft insurance and assistance.
Credit reporting services are ideal for people who wish to improve or maintain their current credit score. Since 1970, every American has been entitled to one free credit report per year. Credit reporting services are best for those who would like to be updated more frequently, have continuous access to their credit profile, and receive insight into the mechanics of credit as well as up to the minute alerts on report changes/activity.
When selecting a credit reporting service, it is important to weigh its suite of extra services. These can include identity theft insurance and protection services, lost wallet assistance, official FICO scores, credit repair interventions with bureaus and creditors, customer assistance from credit experts, and mobile apps.
Before confirming the purchase of a credit reporting service plan, make certain you find out the following things. How frequently is one’s credit score updated? Is the FICO or VantageScore credit score model used? How will the user be alerted to fraud detection?
Top 10 Companies
- Our #1 Choice, A+ Rated by BBB
- Experian Credit Report is Completely FREE
- TRULY: No Credit Card Required
- Checking your own Report doesn’t hurt your credit
- Report refreshed every 30 days on sign in
- Experian is an Official Credit Bureau
- Get Your FICO® SCORE for $1
- Credit reports from 3 Credit bureaus
- Daily monitoring, Toll-Free Support & 4.5 Stars in Google Play
- Identity Theft Protection Available
- Unlimited TransUnion Score and Report Updates
- Email updates of critical credit information changes
- 1-Touch Credit Lock
- Interactive graph of your score history
- Personalized credit and debt analysis
- Up to $1,000,000 in ID Theft Insurance
- 3 Bureau credit reports and scores
- Monthly score tracker
- Instant alerts
- $1 million ID theft insurance
- Quarterly credit reporting
- Free tools and insights to build business credit
- Get started for free without credit card required
- 24/7 credit monitoring
- Real-time alerts
- Vantage 3.0 score
- Identity Theft Insurance
- FICO score based reporting
- 3 bureau credit score reporting
- Mobile alerts
- $1 million ID theft insurance
- FICO score simulator
- Free Credit Score with Monitoring
- NO Credit Card Required
- Upgrade available to Monitor & Fix ID Theft
- 24/7 Expert Support
- Credit Score Monitoring Included (Insurance Available as Paid Upgrade)
- Get your Credit Reports starting at $24.95
- Monthly Credit Reports and Real-time Financial Insights
- Industrial Strength ID Protection
- Real FICO® Score Tracker
- US Based Credit Professionals
- Credit Repair as Needed
- 24/7 customer support via phone, chat, email
- 7 day free trial
- Unlimited access to your TransUnion credit score and report
- Get instant access from the three major credit reporting bureaus
- Daily credit monitoring
- $1 million identity theft insurance
How We Compare Credit Reporting
Credit Score & Reports12%
Having credit reports from the three major credit bureaus is a must for those searching for credit reporting services. After all, this is the only way they could keep themselves on top of their credit situation. While everybody is entitled to a credit report from the three credit bureaus once a year, some credit reporting services do not offer all three credit bureau reports. This is why we ranked companies who offer credit reports from all three major credit bureaus on top of our list for credit reporting providers.
Once you receive all three credit reports, read each of them thoroughly and be on the lookout for missing or incorrect information. By checking your credit reports on a yearly basis, you may be able to detect identity theft or correct inaccurate details before they damage your credit.
First, make sure your personal information is correct, including name, social security number, date of birth, addresses, employment history, and marital status. Do the same with your public records to ensure no bankruptcies, tax liens or lawsuits have been incorrectly attributed to you.
Then, go through the account histories section and review all open accounts. Make sure the accounts listed are in fact your own, that there are no accounts missing, and that no closed accounts are listed as open. Also, go through your payment history and verify there are no false late payments.
Lastly, check if any creditors or employers have unlawfully pulled your credit report without your authorization. Remember that hard credit inquiries can adversely affect your credit score if too many of them are requested over a long period of time.
Credit Bureaus Covered
There are 3 major credit bureaus that collect and maintain credit information for individuals. This shows which of these credit bureaus this credit reporting agency uses to generate your credit reports.
Credit Report Frequency
This is how often the credit reporting company will provide you with an updated credit report without requiring a hard inquiry to your credit or an additional cost.
Monitoring & Tools23%
Despite their titular function, Credit Reporting services are not only meant to send out credit reports and scores. In fact, the broad other half of what they do revolves around credit monitoring and support tools. Some of these functions are purely informational, such credit score calculator and interest rate messenger, while others delve into the realm of security. In that regard, a credit reporting company can send out alerts anytime a change is detected in one's credit.
If an alerted change is determined to have not been made by the customer in question, then the matter identity theft protection comes into play. With these credit agencies, typical identity-centric services include not only identity theft monitoring, but also insurance and restoration. At any time, however, credit reporting companies offer credit report error assistance, in order to catch potential identity theft incidents before they take hold.
Credit Score Calculator - some companies offer tools that let you explore how your credit may be affected by certain actions, including making payments, transferring balances, opening or closing accounts, and receiving inquiries (sometimes called ""Credit Analyzer Tool"", ""FICO Score Simulator"", etc.)
Credit Change Alerts - receive alerts, and sometimes updated reports and scores, anytime your credit report changes
Historical Score Tracking - view how your FICO scores have changed over time in graphs and tables
Interest Rate Estimator - see how your FICO scores will affect interest rates you might receive for various types of loans
Social Media Insights - allows you to view which aspects of your online presence is potentially harmful and makes it easy to remove inappropriate or damaging posts
Unclaimed Money Search - allows you to run a search which checks government databases for money owed to you by someone who has been unable to track you down
Security & Protection
Identity Theft Monitoring - the company will monitor multiple sources to ensure your identity is not stolen; this includes activities such as scanning underground networks worldwide to spot exposure and illegal sales of your information and searching for alternate names (aliases) and addresses in public records that are associated with your Social Security number (SSN)
Identity Theft Insurance - if you become a victim of identity theft, this company will reimburse covered restoration expenses including legal fees, lost wages, and more
Identity Restoration Support - offers support representatives to assist you through the necessary steps if you become a victim of identity theft
Lost Wallet Protection - If your wallet is lost or stolen, this company can assist in canceling and replacing missing items
Credit Report Error Assistance - this company protects you from incorrect information on your credit report by helping you to correct the information with the major credit bureaus
Plans and Pricing35%
The three major credit bureaus are required by law to provide a yearly credit report for free. But for those who would like to keep closer tabs on their financial health, credit reporting companies provide these in a monthly or quarterly fashion.
Trial services are available for those who would like to check their credit reports. Those who enroll are sent credit reports and enjoy the benefits of the programs such as credit monitoring. Trial services can be cancelled anytime but failing to do so automatically enrolls you to a monthly program.
Some companies even offer a variety of plans with different levels of credit reporting and identity theft protection. Entry level plans usually provide limited credit reporting and monitoring. This means credit reporting from the three major credit bureaus are only available through higher tier plans. So be sure to check the different features included in each plan.
Identity Theft Protection20%
This might not be high on the list of those searching for credit reporting services but having this included in your plan doesn’t hurt either. Aside from sending you monthly or quarterly credit reports, the companies we have reviewed also offer identity theft protection in their services.
The company monitors your credit profile daily. It send alerts via phone, email, text or mobile for any unusual activity or when it detects that your personal information is being traded. It also gives assistance in the unfortunate event that your identity has been compromised.
Reputation & Support10%
The quality of support services certainly makes a difference especially when you’re faced with the difficult task of recovering your identity. Dedicated fraud specialists along with identity theft insurance ensures you are financially covered during this process. Also of import is the method by which support services alert their customers. A company that only communicates via email, for instance, is less attractive than one which also alerts by way of text and call. Between alert methods, pricing, support tools and services, and actual credit reporting, these companies are broadly assessed through third-party rating entities such as TrustPilot and the Better Business Bureau.
These are the ways that the company can alert you to suspicious activity and potential identity theft. Options include via email, text, phone, or mobile app.
Customer Questions & Answers
Why is my FICO Score different from each of the three bureaus?
At Equifax, TransUnion, and Experian, FICO scores and credit reports are calculated based cached information. Since one credit agency does not communicate, or compare notes, with another, generated scores and reports have the capability to vary greatly. This is due to these companies storing data and information that differs between one another.
What should I do if there's a mistake on my credit report?
If a mistake is found within a credit report, the first step should be to report it. With supplied evidence, the credit agency will investigate the claim within thirty days. Since credit histories are held by multiple companies, it is prudent to ensure that the mistake is not redundant by checking with the others.
What are the three credit reporting agencies?
In the United States, there are three major credit reporting agencies. In order, they are Equifax, Experian, and TransUnion. In practice, each company aims to cache and update the credit history of every consumer in the country. Although all three may hold information on an individual, one company may have data that another does not.
What is the Fair Credit Reporting Act (FCRA)?
The Fair Credit Reporting Act, or FCRA, is an enacted piece of federal legislation that aims to protect the accuracy, fairness, and privacy of consumer information held by consumers reporting entities. It is intended to prevent occurrences where false consumer information is used against him or her.
How often does your credit score update?
The is no set period of time needed for a credit score to update. Depending on the circumstances, changes can occur for some once a week, while others will not see a change for months. Typically, frequent updates are dependent on specific alterations being made to one’s credit information.
What is a good credit score range? What's the highest?
A credit score range refers to the percentile in which a credit score falls. In the case of FICO scores, the percentiles are graded along the spectrum of very poor, fair, good, very good, and exceptional. A good FICO range is between 670 and 739, while the highest possible score is 850.
What is a FICO score? How is it different from a credit score?
A FICO score is a rating which lenders may use to assess the risk associated with a borrower. This may manifest in regards to granting or extending credit. FICO is simply one type of credit score. While all indicate financial dependability, other credit scores relate to fields outside credit, such as property or insurance.