Knowing your credit score is important especially if you plan to apply for any loans. It lets companies know if you have a good paying reputation and if you have the capability to pay. The following factors play an important role in the creation of your credit score:
- Payment history – companies will check if you are able to pay on time
- Total debt – the total amount of debt you owe from different companies play a huge part in your credit score
- Credit history length – how long you can maintain your credit accounts
- Inquiries – the companies will also check if you have been recently applying for a new credit
- Variety of accounts – creditors would also check if you have a variety of credit accounts, may it be revolving or installment, and how well you can pay these
TrueCredit is a service that lets you monitor your current credit score for all three major credit bureaus (Equifax, Experian, and TransUnion). This lets you have an idea if you will be accepted for any loans that you are planning to make. This service is especially handy if you formerly had low scores and are making efforts to improve them.
How does it work?
With TrueCredit, you can do the following:
- You can get a complete report of your current credit scores. All three national credit bureaus (TransUnion, Equifax, and Experian) can be monitored. The presence of all three is important because your credit score may vary from each other.
- You will also be given constant monitoring and advisory. Any critical credit activities will be reported to you. This is especially important for you to avoid any cases of identity theft which is a type of crime where another person uses your identity to do financial activities without your knowledge.
- To help users with lower credit scores and those that would like to improve it, TrueCredit uses their original CreditCompass technology. This gives users recommendations and tips on how to improve their credit scores by giving real-life examples and advices.
- Using the Credit Lock Plus feature allows you to lock your TransUnion and Equifax account from the use of thieves in case they want to open a new credit under your name. This can be done from the comfort of your home or from anywhere immediately once the thief attempts to.
- In their website, users can also educate themselves about how credit scores work. Information on important factors such as the three credit bureaus, the important of credit monitoring, and more are included.
With TrueCredit, you can pay $14.95 per month for a one-time report of your credit scores from 3 bureaus along with tax if required.
Aside from reports, you can also the following:
- Unlimited reports and updates about your TransUnion Credit Score
- Email alerts about any critical changes made under your name in all the 3 bureaus
- An analysis of your debt activities and trends in your credit score
- A score simulator which lets you know how certain activities may affect your credit score
- The option to lock or unlock your TransUnion and Equifax accounts especially if suspicious activities are done under it
- Toll-free access to services from ID theft specialists
- An insurance of up to $1,000,000 in case you become a victim of identity theft