CreditReport.com Launches Three-Bureau Monitoring Service

CreditReport.com today announced the launch of its comprehensive three-bureau credit monitoring service, which provides consumers with a single source of current credit report data from the three top national credit bureaus – Equifax, Experian and TransUnion.

In today’s turbulent banking industry, accounts are often transferred overnight with little or no prior notification. This can affect how personal credit information is reported to the Big Three credit bureaus, Experian, Equifax, and TransUnion. And with banks struggling to maintain profitability and keep up with new regulations, personal loan terms often change just as quickly and unexpectedly.

Banks have announced plans to substantially reduce or close consumers’ available lines of credit on credit cards, home equity loans and other types of loans; so even if an individual has paid his or her bills on time for years, their credit score may go down because of the banks’ actions. For example, carrying a balance of $1,500 on a credit card with a high credit limit of $5,000 equates to using 30 percent of their available credit. As a rule of thumb, 30 percent is a safe level of debt to maintain or build a higher credit score. If the bank reduces the high credit limit to $2,500, suddenly the consumer is using 60 percent of their available credit, which can drive down their credit score and consequently, also increase their interest rate and monthly payment.

"Comprehensively monitoring your status on all three of the major credit bureaus is particularly important during today’s unprecedented credit crisis. The only way to ensure that your credit report at each bureau is accurate is by monitoring the information being reported on you. And with the many recent bank failures and mergers and acquisitions, the bank you’ve known for years may transfer your account and that has the potential to lead to errors and/or an even bigger threat of ID theft," said Aprille Lipton, senior product manager, CreditReport.com.

The three bureaus are independent of each other and do not share information. Personal and financial information that is contained in one file may or may not be the same in another. The three-bureau credit report helps consumers see how lenders see them and ensures the accuracy of consumer credit records.

In addition, each of the three bureaus each contains certain geographic coverage, so monitoring all three ensures the best response time to possible ID theft that may have occurred in a specific location.

Lipton also pointed out that each bureau has their own model for producing an individual’s credit score. "Contrary to popular belief, people do not have a single score, your score is determined separately by each of the bureaus and creditors are free to reference whichever score they wish, so it is extremely important to stay on top of all three," she said.

Pricing & Availability
Immediately available, www.CreditReport.com/protect offers a free 30 day trial of the three-bureau monitoring. The regular ongoing service is then available for $14.95/month.

About CreditReport.com
Based in greater Los Angeles, CreditReport.com specializes in the research, development and implementation of consumer-based services to be delivered to consumers via the Internet. The CreditReport.com service delivers an up-to-date e-commerce site that provides individuals with their personal credit information. More information can be found at www.creditreport.com/protect.