Most identity theft instances are only evident when the damage has been done, making credit monitoring an important security layer.
If you’re looking for a better way to protect yourself against the rising identity theft and credit scam cases, TransUnion credit monitoring may be the answer.
Monitoring your credit is one of the first steps to discovering when hackers have used your information for fraud. However, is TransUnion credit monitoring truly reliable?
Before investing in anything, it’s essential to research thoroughly. We’ve conducted in-depth research about TransUnion's credit monitoring to give you helpful insights.
We looked at the official TransUnion site, watched YouTube tutorials for tips, and read dozens of reviews from independent sites like TrustPilot, Surveypolice, and the BBB.
We also compared it with other products, which helped us realize the top consideration of whether to choose TransUnion. That said, don’t miss out on key details!
Key takeaways
- TransUnion credit monitoring service provides identity protection.
- It helps dispute credit report errors.
- It allows credit report access anytime and anywhere.
- It doesn’t offer free subscriptions or free trials.
- You can’t access your Experian credit report.
- TransUnion credit monitoring service is worth the cost due to its robust features and accessible monitoring.
What is TransUnion Credit Monitoring?
Credit monitoring pertains to reviewing your credit report to see if there are records of any inaccuracies or suspicious activities, both of which can be signs of fraud.
TransUnion is a familiar name because it's one of the three major credit bureaus. It’s currently based in Chicago, IL, but has been around since 1986.
The company is known for providing credible and accurate credit reports. It also offers fraud alerts, identity theft protection, and credit monitoring services.
TransUnion Credit Monitoring features
Any good investment promises benefits, and we’ve investigated what features TransUnion credit monitoring can offer. Before investing your money in its services, consider whether the following features can provide you with the peace of mind you deserve:
1. Accessible credit monitoring
In today’s mobile-driven world, looking for services you can easily access through your smartphone is important. In 2013, TransUnion launched a mobile application designed to keep your credit and personal finances within reach.
We’ve discovered that the credit monitoring app allows you to access your credit reports without requesting it. Apple users can download it at the App Store, while Android owners can do so through the Play Store.
How accurate is TransUnion Credit Monitoring? It provides VantageScore 3.0 credit scores, which are accurate based on the VantageScore model but may differ from FICO scores.
2. Unlimited access to your credit scores and reports
Given that you’ll have the mobile app by your side, it follows that you get unlimited access to your credit scores and reports.
Most people need to wait for a year to pass before requesting TransUnion copies of their financial standing, as all three credit bureaus provide yearly credit reports. With the app and subscription, you can gain year-round access to yours.
If you’re wondering, “Does credit monitoring hurt your score?” It doesn’t affect your score, so you can monitor your credit without worrying about it.
3. The CreditCompass™
CreditCompass™ is only available in TransUnion subscriptions, designed to help you set and achieve credit score goals. This feature gathers data based on your financial activities, including payment transactions, debt, and credit applications.
This feature reportedly transforms hard data into actionable information, such as suggestions and recommendations that can help you build a better credit score.
4. Credit Lock Plus
Apart from CreditCompass™, TransUnion credit monitoring also offers Credit Lock Plus. Users can lock and unlock credit reports from TransUnion and Equifax through their devices.
If someone were to steal your personal information and attempt to apply for credit, the credit lock might automatically deny their access—so long as you’ve locked your reports.
You can also lock and unlock through the mobile app, making it a good additional layer of protection.
5. Instant Alert through email
Apart from special features, the credit monitoring service also offers Instant Alert, which you can access through emails from TransUnion.
TransUnion states that you'll receive an email alert immediately if someone attempts to apply for a new credit card or loan.
This may allow you to act as necessary, with no extra fees. Since identity theft can be challenging to track, TransUnion states that this feature allows you better control even under threat.
6. Identity theft insurance
Not all credit monitoring services come with identity theft insurance coverage, which is why it was a surprise when we found that a TransUnion subscription comes with up to $1 million in insurance.
This means it will cover any damages from identity theft, especially when fraudsters have made unauthorized purchases under your name.
7. Credit score simulator
Our financial decisions ultimately affect our credit scores, making the process even more difficult.
TransUnion also offers a credit score simulator, allowing you to handle your credit better instead of resorting to guesswork and gambling.
Here, you’ll see exactly how your credit score will be affected, especially if you push through with major decisions like taking out a mortgage or purchasing a car.
You can also see how a credit card will come into play, as it comes with 14 categories to choose from—and thousands of probabilities that let you see how the odds will play out.
Bonus: TrueIdentity protection for identity theft insurance
Although not a part of TransUnion’s credit monitoring plan, the TrueIdentity protection is still worth mentioning. Users are free to use and access this feature, which allows you to lock your TransUnion report with a mere click of a button.
Although similar to the Credit Lock Plus feature, it’s limited because it can only lock TransUnion credit reports—not Equifax. However, you’ll also have access to up to $25,000 in identity theft insurance, email alerts, and access to TransUnion reports—all for free.
If you don’t need a comprehensive credit monitoring service and want to avoid additional costs, the TrueIdentity service should be enough to add a good layer of protection.
How much does the TransUnion Credit monitoring plan cost?
You can sign up for credit monitoring services with TransUnion for $24.95 monthly (plus tax where applicable).
Does TransUnion offer free credit monitoring services?
Unfortunately, it doesn’t—outside of the annual report. It doesn’t provide free trials for its services, either. This can be a significant downside if you want to test it out first.
TransUnion credit monitoring: Is it easy to use?
TransUnion credit monitoring’s login website is clean, simple, and professional. It provides different login buttons for users who want to access credit monitoring, consumer services, and their TrueIdentity profile.
The website is easy to navigate and use, providing an excellent user experience.
The sign-up page isn’t much different. It’s also easy to navigate, and it asks for personal information it can use to provide you with your credit score accurately. It also highlights that the business has served more than 12 million members.
Some alternatives to TransUnion credit monitoring
If TransUnion doesn’t resonate with your current needs, we’ve also explored other options. Here are some of our recommendations:
IdentityForce
IdentityForce offers the UltraSecure+Credit ID, designed to help users monitor credit and provide identity theft protection services. You’ll have access to daily credit report monitoring with the three major credit bureaus, unlike TransUnion, which doesn’t provide reports from Experian.
It also claims to provide customers with text and email alerts for any suspicious transactions, especially when a charge or withdrawal exceeds the amount of dollar limit you’ve set.
Besides this, IdentityForce also offers social media monitoring for identity protection, covering Facebook, YouTube, Instagram, and even Twitter. It also offers anti-phishing software.
Privacy Guard
If you really want to take your digital protection to another level, Privacy Guard claims to offer protection while you shop and transact online through the Total Protection Plan.
It covers applications and emergency travel assistance, which are extra features users can enjoy apart from credit monitoring.
The plan also offers standard credit monitoring and identity theft protection services, allowing you access to reports from the three credit bureaus. You’ll also be able to access tracking and receive alerts, but you’ll get your money’s worth through additional features.
When subscribed, you can download a browser app that Privacy Guard protects your device from phishing attacks and keylogging.
Conclusion
From everything gathered, we can say that the TransUnion credit monitoring service is worth it. It offers robust features not all credit monitoring services have, including the Credit Lock Plus and CreditCompass™.
Moreover, users can also enjoy free services through the TrueIdentity protection plan. However, other options are still worth exploring, especially considering value for money. TransUnion also doesn’t offer three-bureau monitoring, which is a significant downside.
Some alternatives like Privacy Guard and IdentityForce have unique features that go beyond what’s expected, as they both incorporate identity theft protection that TransUnion doesn’t have.
At the end of the day, however, the decision comes down to your needs and circumstances.
Aidan has been writing about personal finance for over 6 years. Prior to this, he worked as a Corporate Finance Analyst where he specialized in Due Diligence, Company Valuations and more. He is a CFA charterholder.
