Credit report companies have been multiplying and growing over the years due to the increase in demand for the service of collecting, consolidating and analyzing data gathered pertinent to an individual’s credit account. This need arose because the credit reputation of the individual is very valuable. Poor credit reputation might greatly affect his life, it can jeopardize his chances for landing a job and getting denied of a loan, for example.
They usually offer the basic services which is mere credit reporting, but over the years they have evolved greatly and now offer credit monitoring and credit repair. Now, for those who are unfamiliar with the term let me distinguish them. Credit Reporting, is the process of gathering data regarding a person’s credit, her payments and debts or loans, consolidating them and analyzing them.
Credit monitoring, on the other hand, is the process of keeping a keen eye in one’s credit history regularly, to look out for irregularities and inaccuracies; this helps in the early detection of identity theft. Lastly, credit repair is the process of altering inaccuracies and mistakes in your credit report, and as much as possible eradicating the negative items in order to increase your credit reputation.
Government Mandated Credit Report Companies
As previously mentioned, there is a rise in number of these companies, claiming all sorts of services and benefits and asking for a sum of money as payment. You can find them almost anywhere online but be cautious of them. There are a lot of scammers out there. Some of those companies might just be after your money but not your welfare and some of them might just be after your identity, so beware. Fortunately, there are respectable credit report companies, and 3 of the biggest companies are mandated by the law to provide a free copy of credit reports for every individual, every year. These companies are the following:
It has monitoring features like credit report monitoring, score monitoring, email and mobile alerts. It also has ID theft protection features like ability to lock your equifax credit report, automatic fraud alerts, web detect, id theft insurance, and id theft specialist. It has a debt pay off plan feature which is the fast pay plan and credit report features such as 3-bureau credit report and equifax credit report. It has credit score features like Credit Scores for equifax, transunion and experian and FICO score. Lastly, it has additional features like lost wallet protection, customer service and online dispute.
It has categorized its services into personal and business. It offers services related to credit reporting and monitoring, credit disputes, fraud and identity theft, as well as consumer support.
It has also grouped it’s services, it has personal services, enterprise services, small business and credit education. Credit education helps you understand things relevant to credit including credit report and credit score.
Caveat on Credit Report Companies
There a lot of companies you can choose besides these three but they are the most reliable ones, the others are uncertain but there are those that are also trustworthy among them, so try them out at your own risk. Remember that availing their services means in effect that you are entrusting your personal information with them, you must be careful which among the credit report companies you choose to trust.