Add-On Services
The FACT Act changes the dynamics of how credit bureaus interact with consumers.
You can get free reports more easily, but credit bureaus push more extensive—and
expensive—reports and programs, including ongoing credit-report monitoring.
CRAs would like to sell you services that include reports from all three
major credit bureaus. Equifax charges $29.95 for it. Trans Union charges
the same and throws in a credit score and a personalized analysis with “tips
for making your score higher.” And Experian offers a three-bureau
credit report, plus a credit score, for $34.95.
Experian also would like to sell you Credit Manager for $9.95 a month. This
gives you access to your credit report and credit score, as well as e-mail
notification of any changes to your credit report and access to a host of
tools that may or may not be useful. These tools include a credit score simulator
to see how different factors may affect your score.
Trans Union and Equifax offer similar programs. Each has some unique twists
to its offerings. However, unless you are dealing with fraud or identity theft—or
trying to clean up your credit history as quickly as possible—odds are
that a simple credit report will meet your needs.
If you would like to get your FICO score, you also can get it directly from
Fair, Isaac & Co. It currently is available on-line only, at www.myfico.com.
The company charges $12.95 for your FICO score plus one credit report from
any of the three CRAs.
You also may want to visit myfico.com to access the free FICO Score Simulator.
It analyzes your personal credit information and answers questions like, “What
happens to my score if I pay off a credit card or open a new account?”
Next: Nobody's Perfect
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