Credit Monitoring Services Are Not Worth the Cost

Credit monitoring services advertise heavily in the media. For a monthly fee, they promise to alert you of any adverse changes in your credit reports. They are a waste of money for the vast majority of consumers. This is Liz Weston’s conclusion as she reports on the MSNBC Money site. There are many reasons they are not worth the costs. Number One–they lie. They advertise free credit scores, but the credit monitoring they are selling is not free. Consumers often sign up for and only later realize they agreed to make monthly payments when the bills start coming in. Some...

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All About FICO Credit Scores from the FICO CEO

Mark Greene, chief executive of Fair, Isaac & Co., creator and proprietor of the FICO score provided this explanation of credit scores: “The FICO score is a measure of a consumer’s financial health and creditworthiness,” Greene says. It’s simply a number, ranging from 300 to 850 — the higher the better. The average FICO score in the U.S. is about 700, and pretty much every bank in the country uses a FICO score when making lending decisions. But while the scores are important, they’re not the be all and end all. “Scores are meant to be one of several things...

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MyFICO is the Best Site for Credit Score Information

By far the best website for credit score information is www.myfico.com. On that site, you may purchase your Equifax or Trans Union credit reports and score for $12.95. The site has information on identity theft and the factors that influence your credit score. FICO invented the credit score concept years ago. It is not surprising that the information on its site is reliable.

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