Credit Monitoring & Identity Protection: The Top Services Review

In today's uncertain economy it's vital to keep a firm grip on your finances. With plunging property values and a flaccid job market, the slightest slip can send you into crushing, unmanageable debt. And yet, in the midst of this economic meltdown very few Americans take the time to look at their credit file, the most vital piece of information you can have when times are tough.

Your credit report is simply a summary of your financial history, helping lenders decide whether it makes sense to lend money to you, and – more importantly – at what interest rate. The better your credit, the lower the rate. You see, then, that the information in your credit report could save you thousands of dollars over the life of a loan.

But what if your credit report is inaccurate? Worryingly:

  • 79% of all credit reports contain errors.
  • 22% of reports list the same loan twice, and,
  • 25% falsely report defaults. *
The chances are good, then, that there is an error somewhere in your report, and if you don't rectify that error you may wind up paying much higher interest rates than you should – you may even be refused credit.

Most alarmingly of all, though, is the fact that 10 million Americans become victims of identity theft every year. When criminals get hold of your personal information they can use it to open accounts and take out loans in your name, and if you don't check your credit report it may be months before you notice these crimes. In fact, you may not discover the crime until a collection agency attempts to call in 'your' debt.

The most effective action you can take to protect yourself is to keep a watchful eye on your credit report. You need to check the health of your credit score, make sure that there are no errors in your file and check for suspicious activity to protect yourself against identity theft.

Fortunately, there are dozens of credit management services that – for a small fee – can offer unlimited access to your credit report, scout for errors in your file and watch out for suspicious activity. With the help of these services you can rest easy in the knowledge that your credit will remain healthy, allowing you to obtain loans at reasonable rates in even the worst economic crisis.

We reviewed dozens of these services to discover which offer the best balance between features, value and security.

The Winner

For just $14.99 a month, Identity Guard offers the Total Protection package. Not only do you receive full access to all three of your credit reports – allowing you to check the health of your credit score, make certain there are no major errors and discover how to improve your report – but you also receive comprehensive protection against all forms of identity theft.

Identity Guard scans your reports daily, notifying you immediately if there is any suspicious activity. You will also be given software that will help protect you from fraud on the Internet, preventing criminals from accessing your computer and stealing your details – even when you're on the move and accessing the web through a public wifi hotspot. Finally, Identity Guard offers lost wallet protection, allowing you to cancel and replace all of your credit cards with a single phone call before thieves can use them.

In short, Identity Guard offers the best of both worlds – perfect for those who want to check their credit score before taking out a loan, and invaluable for those who are concerned about identity theft. Best of all, Identity Guard offer a 30 day free trial!
Identity Guard Total Protection The complete package, with fantastic credit monitoring coupled with a great insurance policy. - 10/10
Conclusions: The credit monitoring package offered by Identity Guard will keep you secure and informed 24/7. You'll have immediate access to your credit reports, immediate alerts if anyone tries to take advantage of you and comprehensive insurance to protect you if they succeed. The Total Protection package is a clear winner.
Pros: $1million ID theft insurance ~ Instant email alerts ~ Lost wallet protection
Cons: If your main concern is with monitoring your credit files and scores, you may prefer the unlimited updates offered by Credit Check Total, or the FICO credit score tracking offered by MyFICO Score Watch instead?
Our Top Recommended Credit Monitoring & ID Theft Protection Services
Identity Guard Total Protection 10/10

Comprehensive monitoring of your credit file that alerts you to any changes or errors in your Experian, Equifax and TransUnion credit reports.

Identity Guard offers unbeatable monitoring and protection, and even includes $1 million of insurance against the costs of identity theft.
Value For just $14.99 a month you get the complete package of credit monitoring and financial protection. - 10/10
Features Identity Guard alerts you by email of any changes in your Equifax, Experian and TransUnion credit reports. - 10/10
Protection With $1million of insurance you'll be fully protected against the costs of identity theft. - 10/10
With fantastic features and an insurance policy that protects you against identity theft, Identity Guard offers a great way to keep on top of your credit file, protecting yourself against fraud while allowing you to negotiate for more competitive interest rates. This is the real deal.
Overall The complete package, with fantastic credit monitoring coupled with a great insurance policy. - 10/10
 
Equifax Credit Watch Gold with 3-in-1 Monitoring & Score Power 9.5/10
A great service for checking your credit score, the Equifax Credit Watch™ Gold with 3-in-1 Monitoring & Score Power package allows you unlimited access to your Equifax credit report, as well as an annual 3-in-1 breakdown covering all three of the major credit bureaus.
Value $14.95 a month gets you great monitoring and solid insurance. - 9/10
Features Equifax offers email and cellphone alerts whenever your credit report changes, keeping you up to date on your credit wherever you are. - 9.5/10
Protection $1million of identity theft insurance should keep you covered against even the worst cases of identity theft. - 10/10
This would be a strong contender for first place if it offered the same access as Identity Guard, but a single annual report covering all three of your credit reports simply isn't enough if you want to closely monitor the health of your credit. Even so, this is a great service all-round.
Overall If the premiums were just a couple of dollars lower this would be challenging for first place. Otherwise fantastic. - 9.5/10
 
Credit Check Total 9/10
With unlimited access to your Experian, TransUnion and Equifax credit reports and scores, Credit Check Total keeps you informed about the health of your credit.
Value $19.95 a month seems a little steep considering that the ID theft insurance policy is so small, but it will be ideal for many people. - 9/10
Features This service really shines when it comes to credit monitoring, but with an insurance policy of just $25,000 it lacks a little something. - 9/10
Protection Just $25,000 of ID theft insurance is a little stingy, but the average customer would be very unlucky to need a larger policy. - 9/10
Since Credit Check Total focuses on helping you monitor your credit reports it offers less in the way of identity theft protection than other services. Even so, with unlimited access to all of your reports it could be a great option if you're not all that concerned about ID theft.
Overall An excellent option for those who want up to the minute updates on their credit reports. If the price was just a little lower this could have been a strong contender for the top spot. - 9/10
 
Free Credit Report Triple Advantage 9/10
Free Credit Report offers broadly the same level of monitoring as Equifax Credit Watch™ Gold, with one difference: the ID theft insurance policy is just $50,000 compared to their $1million cap.
Value $14.95 as month is a very reasonable price for unlimited access to one of your credit reports. Not the best value, but far from the worst. - 9/10
Features Free Credit Report monitors all three of your credit files daily, alerting you by email of any suspicious activity. - 9/10
Protection $50,000 of ID theft insurance should keep most customers comfortably covered in all but the worst cases of ID theft. - 9/10
With unlimited access to only your Experian credit report, Free Credit Report is a little more limited than Credit Check Total. The lower price, however, makes up for this limitation.
Overall Reasonable value, reasonable features and reasonable protection. Not great, but good enough. - 9/10
 
MyFICO Score Watch 8/10

Aimed more at helping you improve your credit score than protect against identity theft, myFICO constantly monitors the health of your Equifax credit score.

myFICO alerts you whenever your credit score improves enough for you to qualify for lower interest rates, allowing you to negotiate with your creditors for a better deal.
Value $8.95 is a great price, but the level of service is much lower than our top two services. - 8/10
Features MyFICO.com offers all the features you need to negotiate lower interest rates from your creditors. - 9/10
Protection MyFICO.com alerts you to any unexpected changes to your credit file, but offers no insurance against identity theft. - 7/10
A great budget option for people who are interested in learning about their credit files. You'll still be alerted to suspicious activity in your credit file, but there's no option of insurance to back you up when things go wrong.
Overall A great option if you are only interested in learning how to improve your credit score. $8.95 a month is a steal. - 8/10
 
 
 
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* Error stats are from the CALPIRG study 'Mistakes Do Happen: A Look at Errors in Consumer Credit Reports'

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