The Best Ways to Monitor My Credit Score

A credit score is what lenders use to gauge how much loan or credit should be given to you. Your credit score is based on your credit report, a factual record of your entire credit payment history created by credit bureaus, updated by additional reports from lenders, and shared with the rest of the industry. It’s best to monitor both your credit scores and credit report, as it also helps you spot any reporting errors or signs of identity theft. For reliable monitoring, get your information directly from the credit bureaus.

Annual Check

The three largest credit bureaus in the U.S. that give credit reports and credit scores are Experian, Equifax and TransUnion. If youd like to know how theyve all assessed you, you can try Experians 3-Bureau Credit Report and Score package once a year and get information from all three bureaus. The package is advertised at $39.95 as of 2010.

Quarterly Monitoring

If you prefer monitoring on a quarterly basis, you can try Equifax, Inc.s 3-in-1 credit monitoring subscription service for registered members. Aside from getting a once-a-year credit report featuring all three credit bureau assessments, you can get Equifax credit scores four times a year. For $14.95 per month as of 2010, the service comes with monitoring and email or wireless alerts for any changes that may occur in your nationwide credit reports.

Monthly Monitoring

TransUnion has a service package called TrueCredit that can provide all three credit bureau credit scores, updated every 30 days. The package also includes identity theft insurance, personalized debt analysis, credit trending, and a first-30-days free trial period. After the 30 days, it will cost you $14.95 per month.

Weekly and Daily

You can go as far as monitor your credit score per week or day. Such services are available for purchase at the Equifax, Experian and the Fair Isaac Corporation (FICO) sites. FICO computes its own credit scores and claims its scores are used by 90% of the largest banks to make credit decisions. If youd like to specifically monitor your FICO scores, you can opt to get their Score Watch package, which includes weekly updates. The package also includes daily monitoring of your Equifax credit report. When purchasing the service, you can opt to pay a monthly fee of $12.95 or a $129.95 fee per year. Equifax offers its own Score Watch package, which gives you continuous score monitoring and notification on your Equifax scores. You are also notified via email or wireless of any key changes to your Equifax credit report. The fee is $12.95 per month. Experian also offers Triple Advantage Credit Monitoring. You can monitor credit reports from all three big bureaus online and get unlimited Experian credit reports and credit score tracking as well. As of 2010, you can first get a seven-day trial period for $1 before deciding to fully sign on. The package costs $14.94 a month thereafter.