Credit Monitoring - Hampton Credit Wants to Know "Who's Best?"

In April, Hampton Credit re-launched itself, graduating from a credit repair company to a provider of a new, groundbreaking Credit Wealth service.

Credit Monitoring services have grown as consumers become more concerned about protecting their credit from identity theft. As an integral part of our Credit Wealth strategy, our customers are learning how to use this service as a tool to keep track of their credit as it improves.

Credit Matters Monthly takes an in-depth look at the top monitoring services available and we pit them against each other in the race to win your patronage. Read on to see how the competitors fared.

Credit monitoring services are primarily designed to alert you if there is a significant change to your credit report, such as a new account being opened or a change to your credit score.  While keeping an eye out for identity theft is a great idea, we are a huge fan of credit monitoring for another reason. 

First, these services allow you to view your credit reports and scores on a regular basis. Our groundbreaking Credit Wealth service enables to our customers to make frequent improvements to the credit, and this means keeping a frequent eye on their credit reports.

Second, credit reports can be confusing to read, with no common layout being used by everyone.  When you are using one service on a regular basis that displays all three credit reports, it is easier to spot changes.

Lastly, it’s addicting.  We want you to love your credit report.  As your credit starts getting better, you get addicted to checking your reports and noting the improvements.  It makes you want to do more to achieve even healthier credit, and that is a good thing.

With that being said, let’s get started.  Please meet the competition: 

Naturally, each of the three credit bureaus offer their own credit monitoring services.  In addition, some of the major banks have followed suit, usually through a third party.  MyFico (developer of the credit scoring model) has also thrown their hat into the ring.  Here is the league roster:

Bank of America
Citibank
Equifax
Experian
MyFico
TransUnion
Washington Mutual
Wells Fargo

On your mark, get set, go!

Lap 1: Number of Bureaus Monitored
There are 3 credit bureaus and, consequently, 3 credit scores for everyone.  While working on your credit, you need to track the information reported by all three bureaus since they do not all contain the same information.  Checking only one bureau is not enough.

They’re Off!  The banks take an early lead out of the blocks by offering monitoring of all three credit bureaus.  Out of the bureaus, only TransUnion has kept up, as Equifax, Experian, and MyFico get a late start by only monitoring one bureau each.

1st – Bank of America (All 3 bureaus)
2nd – Citibank (All 3 Bureaus)  
3rd – TransUnion (All 3 bureaus)
4th – Washington Mutual (All 3 bureaus)
5th – Wells Fargo (All 3 bureaus)
6th – Equifax (Only 1 bureau, Equifax)
7th – Experian (Only 1 bureau, Experian)
8th – MyFico (Only 1 bureau, Equifax)

Note:  Some services advertise that you get access to all three credit reports, but the fine print reveals that it is only for the first month.  Make sure to confirm everything before signing up.

Lap 2: The Monthly Fee
Since this is a monthly service fee, cost is a major factor.  There is no sense paying more for the same service that someone else is providing.

At the start of the second lap the banks have increased their lead over the bureaus by keeping their monthly fees low.  Washington Mutual takes the point position by charging only $10/month, while TransUnion falls a step behind at $14.95, although its 3 bureau monitoring keeps them in the pack.  Out of the bottom three one-bureau monitors, MyFico is the cheapest, with Equifax stumbling into last place with a whopping $22.90/month fee.

1st – Washington Mutual - $10.00/month
2nd – Citibank - $12.95/month 
3rd – Bank of America - $12.99/month
4th – Wells Fargo - $12.99/month
5th – TransUnion - $14.95/month
6th – MyFico - $8.95/month
7th – Experian - $12.95/month
8th – Equifax - $22.90/month

Lap 3: The Free 30 Day Trial
Let’s face it, not only it a good idea to test drive the service, but who doesn’t want to save a few bucks in the process? 

In the second to last leg of the race the competitors maintain their positions!  Washington Mutual slips a bit, but maintains its lead due to it’s low ongoing monthly fee; TransUnion starts to falter a little more by also not offering a free trial, and Equifax appears to be at risk of being lapped!  With one lap to go, the bureaus have a long way to go to pull off an upset!

1st – Washington Mutual - No
2nd – Citibank - Yes    
3rd – Bank of America - Yes
4th – Wells Fargo - Yes
5th – TransUnion - No
6th – MyFico - Yes
7th – Experian - Yes
8th – Equifax - No

Lap 4: Frequency of Updates
While identity theft concerns do not require you to view updated copies of your credit reports on a frequent basis, it is important for our customers since they are improving their credit monthly.

This is the last leg of the race where we see who really has the service that can go the distance!  MyFico slips all the way to the back of the pack by only offering two credit reports per year, allowing Equifax to limp into 7th place.  Wells Fargo drops to the back of the bank pack because, although they monitor all three bureaus, they don’t provide any updated credit reports at all.  And wait!  In a surprising move, TransUnion has gotten their second wind and sprinted to the front of the pack by offering MONTHLY updates of its credit reports!

In a surprising upset to the major banks, who only offer quarterly updates, TransUnion wins the competition as the best credit monitoring service available.  Their fee is $2 higher, and there is no free trial, but the fact that they monitor all three bureaus and provide monthly updates of your credit reports and scores makes them the clear winner.

1st – TransUnion – Monthly Updates
2nd – Washington Mutual – Quarterly Updates
3rd – Citibank – Quarterly Updates      
4th – Bank of America – Quarterly Updates
5th – Wells Fargo – No Updates, only e-mail alerts
6th – Experian – Daily (only the one bureau)
7th – Equifax – Daily (only the one bureau)
8th – MyFico – Twice a year (only the one bureau)

Note:  Don’t get confused between score updates and credit report updates.  You want to see a complete, updated credit report every month.  All of the companies reviewed will send you e-mail alerts with changes to your credit score, but those alerts are selective and limited in use for our purposes. 

During our investigation of these services we noticed that the websites on these services offered minimal information about the service itself.  The website was primarily to sign you up and take your money.

Then when we called in, many of the customer service reps were not fully knowledgeable on their own products.  We frequently got different answers to the same questions when calling back to speak to a different rep. 

This could be attributed to the newness of the industry, but regardless, it makes your legwork a little more extensive.  While we hope to have narrowed your selection down, we still recommend that you call and ask your own questions before signing up.  In fact, call twice and make sure you get the same answers as the first time!

Also because this is a new industry, these companies may make significant changes to their service at any time.  While our data is correct as of today, please make sure that you confirm their offerings before signing up.

Here are a few more tips to keep in mind when selecting a credit monitoring service:

Citibank:  For the first month you only get one credit report and score.  You will receive a coupon in the mail during the first month so that you can call and upgrade to receive all three reports and scores for free. 

Equifax:  You need to sign up for both their credit report and credit score watch services.  Their 3-in-1 credit watch service only gives you access to your TransUnion and Experian scores for the first month.  After that it is only Equifax.

Experian:  They will send you alerts on all three credit reports, but you only have access to view you r Experian credit report.

MyFico:  You need to call during the first 30 days and request the monthly fee of $8.95, otherwise they will automatically charge you $89.95 for a year’s worth of service.

Washington Mutual:  You can only sign up at a local branch of Washington Mutual and you must have an account to be able to use the service.

Wells Fargo:  You will receive your initial reports in the mail, and then you can access them online at a later date.

We are always looking for feedback from actual customers of these services.  To share your experiences, recommend a service, or request a spreadsheet comparing all eight services we reviewed, please email us at editor@hamptoncredit.com