A good credit score determines your creditworthiness to lenders and financial institutions such as banks. According to the Federal Trade Commission Report (2012), about 26% of people in the US detect an error on their financial statements from credit bureaus.
Therefore, staying up-to-date with the information on your credit score is vital and handy. Generally, monitoring your credit score may be a daunting task. However, there are several monitoring apps available for free that you can use to track your credit reports. These apps enable you to examine your overall performance and identify any errors and correct them. Also, one can get instant alerts every time there is an alteration in your reports.
The following are four top-rated credit monitoring apps useful for you.
This is the top-most credits monitoring service that gives free credit reports from three popular credit bureaus; Equifax, TransUnion, and Experian. It has unique features such as credit score simulator and a tax filing option to track your credit scores. The app sends prompt alerts, and for any anomalies detected, one can launch a complaint directly from the app. CreditKarma is available for free, and is easily downloadable on Android and iOS.
The app uses Experian score to monitor credit scores. The scores grade range from A+ (for the best score) to F (for poor performance) based on predetermined factors. These include; debt usage, payment history, age, account type, and a number of inquiries. The app provides useful information, such as payment history, debt balance, and creditworthiness. It also gives a summary of your overall score and how to improve.
This app gives credit scores based on the TransUnion credit bureau. It provides summarized reports on credit payments, maturity, and usage. The app has several membership options, including a free but useful choice. It is also downloadable on mobile applications.
This is the most popular app used to monitor credit scores. The app works by displaying your credit scores across several credit bureaus and predict their performance shortly. It uses push notifications to alert you when there is any change in your report. The app requires a small monthly subscription fee of $29.95, and it is available on both desktop and mobile applications.