Credit monitoring services can track and alert you of potential fraud on your credit reports, but many of these programs charge a monthly fee.
While there are free credit monitoring services, they often have fewer features and protections than paid services. You should consider paying for a credit monitoring service if you want more comprehensive coverage.
Here's how much credit monitoring costs and questions to consider if you're trying to decide if it's worthwhile to pay a monthly fee.
How much does credit monitoring cost?
Credit monitoring costs vary by service you choose. The main two types of credit monitoring services are basic and premium. Basic services are free to use and don't require you to enter a credit card at sign up, whereas premium services cost anywhere from $8.99 to $39.95 per month.
You may qualify for a free credit monitoring service if you were a victim of a data breach. Millions of Americans have access to free credit monitoring services due to numerous class-action settlements from high-profile data breaches, including Equifax in 2017 and Capital One in 2019. If you were affected, you may be able to file a claim online or receive instructions on how to access premium credit monitoring services for free.
Is credit monitoring worth the cost?
With so many free services available, you may wonder if paying for a credit monitoring service is worth the cost. When deciding between a free or paid service, you should compare the different features offered.
Let's compare CreditWise® from Capital One (free) to IdentityForce® UltraSecure+Credit ($13.99 per month or $139.90 per year). These services rank as our top picks for the best free and paid credit monitoring services, respectively.
Both services monitor changes to your credit report and provide dark web scanning and social security number tracking. But beyond that, the services are significantly different.
IdentityForce UltraSecure+Credit offers dozens of additional features, including:
- Three-bureau credit monitoring (CreditWise only looks at your TransUnion and Experian credit reports).
- Alerts for potential fraud on your bank, credit card and investment accounts, plus use of your medical ID, social security number and address.
- Identity theft insurance up to $1 million, which helps cover expenses if you have to deal with fallout from identity theft.
The additional services you receive with IdentityForceUltraSecure+Credit may be enough for you to warrant paying $13.99 a month. After all, it's important to monitor reports from all three credit bureaus and you can't do that with a free service. Plus the identity theft insurance has a high value and can come in handy if you're a victim of fraud.
But if you already actively monitor all of your credit reports, a free service like CreditWiseis still very helpful. You can also sign up for more than one free service to maximize your coverage.
Bottom line
Credit monitoring services offer an variety of features that can help you spot fraud early. If you choose to pay for a service, you will enjoy additional coverage. But if you already actively monitor your credit reports and financial accounts, a free service may suffice.
Credit monitoring services don't prevent fraud or identity theft. Instead, these services can provide you with early notice of suspicious activity and may provide assistance or insurance for eligible expenses associated with resolving identity theft. Once you receive a fraud alert, you'll have to initiate the next steps to fix any issues — these services don't automatically resolve problems.
Credit monitoring services can be worth the cost if you take action after getting notice of possible fraudulent activity on your credit report. If you disregard the notice, then you're paying for a service that you're not using and it may be better to opt for a free service.
To learn more about IdentityForce®, visit theirwebsite.
Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.
FAQs
Credit monitoring prices and features can vary significantly. Some credit monitoring services are free, and some cost more than $15 per month. Standalone credit monitoring services might offer discounts for other products and services to boost your credit, protect your identity and improve your financial health.
What are the cons of credit monitoring services? ›
CONS
- Cost. • Some services charge monthly/yearly fees.
- Not Fool-Proof. • No 100% guarantee against all fraud or identity theft.
- Over-Reliance. • Risk of neglecting other credit precautions.
- False Alarms. • Alerts for minor activities can cause stress.
- Multiple Bureau Monitoring. •
Track your credit score. Sign up for $29.95/month and get: TransUnion report and score access with refreshes daily.
Do I need to monitor all 3 credit reports? ›
Three-bureau credit monitoring alerts you of changes on credit reports from all three credit bureaus — Experian, Equifax and TransUnion. Without triple-bureau protection, you can miss errors that may only appear on one of the three credit reports.
Will credit monitoring hurt my score? ›
Checking your credit reports or credit scores will not impact credit scores. Regularly checking your credit reports and credit scores is a good way to ensure information is accurate. Hard inquiries in response to a credit application do impact credit scores.
How do I monitor my credit for free? ›
You can request and review your free report through one of the following ways: Online: Visit AnnualCreditReport.com. Phone: Call (877) 322-8228. Mail: Download and complete the Annual Credit Report Request form .
Can you write off credit monitoring services? ›
What does this mean for companies? They can now deduct any cost of offering identity theft protection to their employees or customers. The IRS defines identity theft protection services as: Credit report and monitoring services.
Is LifeLock worth it? ›
LifeLock's identity monitoring and alerts are similar to those of other identity theft protection options that are definitely worth it. However, the value and purpose of some of LifeLock's additional services are unclear (such as “fictitious identity monitoring”).
What are the 3 credit rating agencies that monitor your credit? ›
There are three big nationwide providers of consumer reports: Equifax, TransUnion, and Experian. Their reports contain information about your payment history, how much credit you have and use, and other inquiries and information.
What is TransUnion $19.95 charge? ›
Credit Monitoring for $19.95/month (plus tax where applicable). You'll soon enjoy: UNLIMITED updates to your TransUnion Credit Report and Score. Score Simulator — see how specific credit choices may affect scores.
If you pay for a credit monitoring service
The cost makes sense if: You're already the victim of identity theft or at high risk of it — for instance, if your Social Security number already has been disclosed in a data breach or you've lost your Social Security card. You don't want to freeze your credit reports.
Is Chase credit monitoring free? ›
CHASE CREDIT JOURNEY. Check your free credit score. Check your score anytime for free—it won't affect your credit. We update your score regularly and tell you what's changed.
What is considered a good credit score? ›
Although ranges vary depending on the credit scoring model, generally credit scores from 580 to 669 are considered fair; 670 to 739 are considered good; 740 to 799 are considered very good; and 800 and up are considered excellent.
Can paying your bills on time raise your credit score? ›
One late payment on a credit card, personal or auto loan, or mortgage might have an immediate negative effect, though it would likely be small if it was only a single late payment. Consistent on-time payments for those credit-related bills helps improve your credit score.
Can you monitor your own credit? ›
Credit monitoring services allow you to track the activity on your credit report. You can receive alerts for changes in the information on your credit report so that you can address things that are suspicious or incorrect.
How much should a credit check cost? ›
Fees paid to the three major credit bureaus – Equifax, Experian, and TransUnion – or an online tenant screening service generally run between $25 and $75, depending on the information requested.
Does it cost money to view your credit report? ›
By law, you can get a free credit report each year from the three credit reporting agencies (CRAs). These agencies include Equifax, Experian, and TransUnion.
How much should a credit report fee be? ›
Credit report fees may range from $30 to $50 per report, though some lenders cover the cost themselves.
What are the charges for credit score checking? ›
Buy your CIBIL Score and Credit report. This will cost you only Rs. 550/- and you can have access to the credit report within 3 business days.
