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Sunday, October 17th
When it comes to accessing your credit score and getting monitoring services directly from the credit bureau, Equifax has a few advantages over TransUnion. Each bureau uses a different algorithm for calculating your credit score, but essentially provides the same information: how likely you are to make good on your debts with on-time payments and no defaults. But, the way each bureau provides credit monitoring services is different: read on to find out more.
Credit Monitoring Plus Identity Theft Protection
There are two main components of Equifax Complete Premier, priced at $19.95 per month: credit monitoring and identity theft protection . First, you'll have unlimited access to your Equifax credit score. We don't think most people need to see their score on a daily basis, but you've got that capability if it interests you. The feature that convinces most people to sign up for Equifax's service is the real-time alerts when key changes are made to their credit report. This lets you intervene quickly if there are any attempts to use your credit fraudulently.
Identity Theft Insurance Included
Your Premier package also includes many identity theft features, like lost wallet assistance, up to $50,000 in identity theft insurance, and internet scanning that looks for any unauthorized use of your bank/credit account numbers or Social Insurance Number.
Look For Discounts
As we browsed the Equifax Canada site, we got a popup offering a 75% discount for our first month's subscription, bringing the price down to $4.95. That's a great offer, making it much more affordable to get credit monitoring and see how well it works.
Multiple Packages Available
While the Equifax site doesn't make it obvious, there are actually several different types of coverage you can get that go beyond the most prominently-advertised Complete Premier for one person. You can also get Equifax Complete Friends and Family for two adults ($29.95/month), Equifax Complete (credit monitoring only, no identity theft features or protection) for $16.95/month, or Equifax Identity (focused on identity protection but also with limited credit monitoring features) for $11.95/month. We recommend that you scroll down on the main Equifax Complete Premier page until you see the "Compare All Products" button; click to get access to everything Equifax is currently offering and decide which product is right for your situation.
There's no long-term commitment when using any of Equifax's credit monitoring subscriptions. You can cancel at any time, though you won't receive a refund for any partial month time period that may be left on your account.
Good Reputation Overall
Is it worth it to pay almost $20/month (or more, for a couple) to access Equifax's credit monitoring? That's hard to say on customer reviews alone: most of them relate to their services for consumers in the United States. Equifax itself has a good reputation, with over 120 years in operation and an "A+" from the Better Business Bureau, and we have no doubt that all of their monitoring packages deliver on their promises.
Paid Credit Monitoring = Extra Peace Of Mind
Ultimately, it comes down to what you can get from a paid service compared with the free credit monitoring platforms out there. Most no-fee credit "monitoring" companies only keep track of your score and give you hints for how to improve it, but do nothing to let you know if something suspicious pops up on your credit report. If you're looking for an added level of security, or if you know that it's not likely that you're going to remember to get the details on your credit history in time to spot a problem, it may be well worth the $20 each month to let Equifax do that for you - and to get their help if your credit is used by a fraudster.
Good Option For Comprehensive Coverage
While there are less expensive paid credit monitoring services available, Equifax has several different types of coverage that may give you what you're looking for. It's a solid option for most Canadian consumers who want credit monitoring and identity theft protection in one package.
You might remember the days when you had to pay $20 every time you wanted to access your credit score. Not anymore! These days, most banks give you free access to your score just for having an account. There are also several free services that provide your credit score on a weekly or monthly basis.
But, what if you want to keep a closer eye on your finances? Or you want alerts if any suspicious activity is detected on one of your accounts? You're smart to think that way: according to the Canadian Anti-Fraud Centre (CAFC), approximately 27,000 Canadians experience identity theft every year, but only 29% of people they surveyed actually check their credit reports regularly as a means of protecting their personal information.
That's where credit monitoring services come in. You have several options to choose from, ranging from those free services mentioned earlier to monthly subscriptions that go much more in-depth to monitor your accounts, alert you if anything unusual comes up, and may even help you recover if you become a victim of identity theft.
Which Canadian credit monitoring provider is right for you? That depends on what you're looking for, and here are several criteria to keep in mind that can help you decide:
TopConsumerReviews.com has reviewed and ranked the best credit monitoring services for Canadians. We hope this information helps you understand your credit score, keep track of your credit usage, and continue to establish healthy credit habits well into the future.
Select any 2 Canadian Credit Monitoring Companies to compare them head to head
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