TransUnion Credit Monitoring Overview
TransUnion Credit Monitoring is a comprehensive service offered by TransUnion, one of the “Big Three” credit bureaus, designed to help consumers closely monitor and manage their credit health.
What it Does
This service provides users with continuous access to their credit information, enabling them to stay informed about changes in their credit reports and scores. It is particularly useful in the context of increasing online shopping and the rising risks of identity theft, offering an additional layer of protection and monitoring beyond the free annual credit reports available under the Fair Credit Reporting Act.
Key Features
24/7 Access to Credit Reports and Scores
- Subscribers have round-the-clock access to their up-to-date TransUnion and Equifax credit reports and scores. This includes daily refreshes of the credit scores, allowing users to track changes in real-time.
Credit Report Changes and Alerts
- The service includes alerts for critical changes in the user’s credit reports from all three major credit bureaus (TransUnion, Equifax, and Experian). These alerts notify users of suspicious activities such as new accounts, late payments, or credit inquiries, enabling them to take immediate action to report issues or lock their credit if necessary.
Credit Lock and Unlock
- Users can lock and unlock both their TransUnion and Equifax credit reports directly through the service, providing an additional layer of security against identity theft.
Identity Theft Protection
- TransUnion Credit Monitoring includes $1 million in identity theft insurance, along with fraud resolution support to help users recover in case of identity theft.
Credit Health Recommendations
- The service features CreditCompass™, a tool that provides personalized recommendations and guidance on improving and maintaining good credit health. The Enhanced Credit Compass tool in the latest app version offers even more detailed guidance on achieving credit score goals.
Mobile App
- The TransUnion Credit Monitoring app allows users to check their credit reports and scores anytime, anywhere. The app offers push notifications for score changes, stolen cards, collections, new authorized users, and other critical account activities. It also provides tips and best practices for achieving desired credit scores without affecting the user’s credit.
VantageScore® 3.0
- The credit scores provided are based on the VantageScore® 3.0 model, which helps users understand the factors affecting their credit scores. However, it is important to note that lenders may use different credit scoring models to assess creditworthiness.
Additional Benefits
- Ongoing Checks: Unlike free credit reports that offer a snapshot in time, TransUnion Credit Monitoring provides constant vigilance over credit reports, updating changes frequently to help catch potential errors or inconsistencies.
- Support: Users have access to customer support, including the ability to speak with a customer representative via a toll-free number.
Cost
The TransUnion Credit Monitoring service is available for $29.95 per month, which translates to $359.40 per year. While there is no free option, the service offers a robust set of features that make it a good value for those looking to closely monitor and protect their credit.