A recent study revealed that over 42 million Americans have had their identities stolen, which means that about 2 out of 5 people in the U.S. are already victims. If nothing else, it’s clear that a credit monitoring service is already just as necessary as having a car or health insurance. Most people just don’t realize it yet.
Experian CreditWorks checks your TransUnion, Equifax, and Experian credit reports every day and notifies you whenever it detects a change. So if you want to stay on top of your financial security, it’s easy to do so with Experian.
During the first month trial period, it’s only $4.99, but after that increases to $24.99. There’s no commitment, and you can cancel anytime.
What Experian CreditWorks Does for You
A monthly subscription with CreditWorks comes with various features that can help you both monitor your credit and get you back on track should something happen.
1. Identity theft insurance up to $1,000,000
If you become a victim of identity theft, Experian will refund you up to one million dollars. There is no deductible, and you can use the money to cover the following:
- Lost wages
- Electronic fund transfers
- Legal fees
- Travel Expenses
2. Lock access to your credit report with CreditLock.
Control exactly who is able to access your credit report with a simple touch of the button. This function alone can protect you against identity theft or any other type of undesirable credit activity. This means that if someone ever tries to apply for credit in your name while it’s locked, Experian will notify you the moment they try to do so.
3. Credit monitoring of all 3 major credit bureaus.
With Experian’s credit monitoring services, you get alerts whenever a change occurs in your credit reports with any of the three credit bureaus. This means that they will notify you whenever a positive or negative entry is posted on your TransUnion, Equifax, or Experian credit report.
With this knowledge, many users can make smarter, more informed decisions regarding their credit scores. For example, should your credit score go down because your credit card balances have gone a little too high, you might think twice about charging the next time you’re at the gas station.
You can also use this service to monitor for identity theft. For example, if you see a line of credit that you didn’t request, you’ll know it is time to take action.
4. Monthly credit updates from all 3 major credit bureaus.
Get monthly updates from Equifax, Experian, and TransUnion, as well as updates on your FICO score. This is necessary because often, the information on all three credit reports for many people is different. Should you see this discrepancy, it may not necessarily suggest identity theft, but it will likely indicate an error.
Even if the information isn’t true, it can lower your credit score, so you will want to take action. Credit report disputes can take time to rectify. Keep this in mind if you’re planning a significant purchase or loan in the future. You don’t want false information to hurt planned major life events.
5. Daily Experian credit report updates.
Though you get updated monthly with your TransUnion and Equifax credit reports, if you sign up with Experian’s CreditWorks, you’ll get daily updates on your Experian credit report. Use it for security purposes or as further incentive to continue strengthening your credit if you want to raise your credit score.
6. A dedicated agent whenever you need help.
If you have questions about your credit score or information on your credit report, Experian’s customer service team is always on call to answer your questions or address your concerns.
Should identity theft be an issue, you’ll be assigned a fraud resolution agent to help you resolve any situations. But, again, you don’t have to be a victim to call and get information. Customer service is available for the best of times and the worst of times.
7. A powerful online dashboard that keeps you up-to-date.
The online dashboard will update you on all factors currently impacting your credit. For example, if your credit score drops for any reason or someone has used your identity to apply for a line of credit, you’ll see it instantly on the dashboard.
It’s a one-stop shop for everything related to your financial profile. Savvy users check their portal as often as they check their bank and credit card statements, and because of this, they can circumvent potential financial pitfalls.
8. Lost wallet assistance.
Store all of your crucial information through the online portal. This includes debit and credit card information and medical identification cards. Then, if and when you ever lose your wallet, regardless of where you are in the world, you’ll be paired up with a fraud resolution agent to help you:
- Cancel and replace all of your cards.
- Communicate with your banks, service providers and creditors to inform them.
- Put fraud alerts on all of your credit accounts.
- Freeze access to credit reports and files.
- Communicate and coordinate with government agencies if and when necessary.
On top of these eight features, they offer Social Security number monitoring, identity validation alerts, and dark web monitoring.
When should you sign up for Experian CreditWorks?
Identity theft is running rampant across the globe these days and is giving no sign of slowing down in the years ahead. To make matters worse, no particular group of people is more at risk than another. For example, people with low credit scores are as much at risk as people with excellent credit scores.
Likewise, no age is off-limits either.
Many children have had their identities stolen on the dark web and only discover it once they have reached adulthood. In short, identity theft security should be a must-have for everyone.
That said, you should definitely consider identity theft security just before a major purchase. Financial advisors recommend beginning to resolve any credit issues at least six months before you take out a large loan to purchase a car or a home.
Why get ready so far in advance?
It can take a long time to clear up negative entries on your credit report (whether warranted or unwarranted), and you will need to give both yourself and the credit reporting agencies time. Experian will tell you what you need to do and notify you when anything changes on your reports, whether it’s good or bad.
If you are more interested in identity theft protection services, Experian IdentityWorks is another option to consider. It offers many of the same credit monitoring features as CreditWorks but focuses more on identity theft protection. You can compare the differences in plans on Experian’s website.
Bottom Line
Experian credit monitoring gives you all the information to take charge of your credit. Use it to get advice to strengthen your credit, monitor your credit reports for irregularities, or as a much-needed insurance policy in today’s world. No matter how you choose to use it, Experian CreditWorks is a tool everyone should have in their back pocket.