Setting Up Credit Monitoring Service
In this article, we are going to talk about some useful steps and strategies you can use to repair your credit. We will give you the pros and cons of several credit rating sites, including all3scores.com, myfico.com, identityIQ.com, and others.
The suggestions made in this article are based on our experience. However, we are not legal advisors, and hence there are no guarantees, and individual scores may vary. Therefore, if you need legal advice, you should engage an attorney.
Set Up Credit Monitoring Services
My first recommendation is to set up a credit monitoring service. These sites are not free, and they usually have a monthly subscription fee, which is $10, and it goes up to $30. Some good sites charge about 20 dollars monthly, but they are worth the price as they set up alerts for users and send them regular updates.
The user can log in once a month and refresh his scores and reports once he has the subscription. This enables them to see updated data on their reports. This is far better than managing the tedious paper trail coming in from a bureau or going to a site and manually requesting a report every time.
I like this site because they provide very comprehensive reports. The site provides you with all the details you need to begin repairing your credit. They provide details of all account numbers that are on the report, addresses, and phone numbers. The site provides you all the data that you require to be able to draw up a strong argument for deletions of negative items from your report.
Myfico.com is a great site to find out your FICO scores. It provides you several types of scores,including; FICO auto, FICO bank card, FICO 8, FICO 9, FICO X, FICO Mortgage. Hence if you are buying a new house, you should subscribe to the FICO website, but it is not the best site for repairing your credit. It can be confusing if you do not know which score you are looking at.
The reason why FICO.com is not the best site for repairing one’s credit is that it does not provide the account numbers. These account numbers help an individual dispute a certain amount or credit amount.
If you want to purchase a car, then you can get your auto scores from FICO auto. Similarly, if you are trying to get a credit card, then you can get a bank card score from FICO. For the Bankcard score, 580 is the minimum score for lenders. Auto lenders approve individuals with a credit score of 600 or above with more favorable interest rates.
FICO is, however, the only site that gives you mortgage scores. There is no other site that provides mortgage rates. So that is the only reason why FICO is recommended.
Credit Karma, Credit Sesame
Credit Karma and Credit Sesame are not recommended as these are more difficult sites to navigate through. If you are looking from a scoring perspective, Credit Karma and Credit Sesame will provide you your vantage scores while it is not from all bureaus. i.e., Equifax,Experian, and Transunion. However, both these sites are free.
My recommendation is the $40 monthly plan on myFICO.com, which provides monthly alerts,monthly updates scores from all bureaus, and all different score versions. But if you are looking to save money and are not concerned about credit monitoring, then you can even go directly to Equifax.com, Experian.com, and Transunion.com and fetch reports.
AnnualReport.com is a site recommended by the government. Earlier, they used to provide reports once per month, but since the Covid-19 epidemic, they have started providing weekly reports to customers, but it’s unclear for how long they will keep providing weekly reports. An important thing to add here is that the credit bureaus take an additional 15 days to inquire about a dispute if it comes from AnnualReport.com.
The Fair Credit Reporting Act gives the data furnishers and the bureau 30 days to investigate and to respond to a dispute. The exception is that if the report comes from AnnualCreditReport.com, then the bureaus and data publishers are allowed an additional two
weeks to respond. Hence you get 45 days as opposed to 30 days to respond. Therefore, if you are looking to repair your credit within a specific time frame, then it is not the best site.