In the past, the best a credit consumer could do was write to their credit reporting agency of choice of give them a call and pay for a copy of their latest credit report. Doing this on a regular basis in order to properly stay on top of credit issues would turn into a time consuming chore rather quickly. That changed when the major credit reporting agencies realized that they could be more profitable if they extended a greater range of services to borrowers and everyday consumers.
Equifax, Experian and CallCredit have expanded the scope of what credit reporting agencies can do, becoming full service providers designed to cover all of a customer’s credit related needs. The big three credit reporting agencies in the UK now offer evolved services such as subscription based products for customers who want a more frequent look at their credit report, credit monitoring services that notify consumers about several degrees of credit-related events, fraud insurance to cover expenses if a customer if a victim of identity fraud of other credit related scams, fraud resolution services, email and SMS alerts and much more.
Services offered by Experian
Experian offers a single product aimed at consumers who want a finer degree of control over their credit activities. It is called “CreditExpert” and it costs £14.99 monthly. This £14.99 will get you a range of valuable services, all aimed at maintaining credit health. These services are:
- CIFAS Registration: in the event your credit cards are stolen of lost, Experian will automatically register your information with the Credit Industry Fraud Avoidance System. This means lost or stolen credit cards are flagged and will alarm retailers if anyone tries to use them to make fraudulent purchases.
- Instant Credit Report: credit reports are sent to your computer via email or even to your phone by SMS message.
- Fraud Resolution: Experian will provide you with your very own fraud resolution specialist who will work with your creditors to mediate disputes and make things right in the event of fraud.
- Fraud insurance: the CreditExpert product provides customers with insurance coverage to help with costs related to credit fraud, such as lost earnings, the cost of replacing important documents and more.
Services offered by Equifax
Unlike Experian’s “one size fits all” approach offered by Experian’s CreditExpert program, Equifax offers a variety of a la carte services so clients can pick and choose which credit assistance solutions are right for them. Some of these services are:
- Credit watch: this is a credit reporting product available in two levels. The silver product includes one credit report per month plus weekly updates reflecting changes. The gold level of the credit watch offering comes with monthly reports and on-demand updates.
- Identity watch: this fraud alerting offering comes in three different levels, with weekly alerts or immediate notifications of suspicious activity, depending on the level of Identity Watch purchased. The Identity Watch product also comes with a monthly credit report and discounts on related products and services from Equifax.
- Credit Report: this basic product, offered by all agencies, contains value-added options when ordered from Equifax. An Equifax credit report contains thorough explanations of your score, hints and tips to improve your rating and more.
Service offered by CallCredit
CallCredit, in a way, combines the all-in-one approach of Experian and the pick what you like approach of Equifax. Callcredit has an all encompassing product called CalCredit Check as well as a few very attractive and helpful offerings that consumers can benefit from. Here’s a summary of CallCredit’s products available to clients:
- Basic credit report: everybody offers a basic, on demand credit report, but CallCredit is by far the most economical. For only £2.00, consumers can order a complete copy of their credit report and their credit score, available either on paper or online through CallCredit’s web portal.
- CallCredit Check: this is CallCredit’s comprehensive product. It features on demand online access to your credit report 24/7, identity fraud services and theft services like alerts whenever suspicious or significant credit activity occurs, and fraud victim services like mediation in the event of fraud.
- Disassociation: when people, old addresses, companies, etc. appear on your credit report, it is a ready hassle getting them removed. For a fee, CallCredit will perform any necessary disassociation services for you. They know the ins and outs and can handle this efficiently.
All three major UK credit reporting agencies have expanded beyond the simple credit reports to offer value to customers, generate repeat customers and make a profit. If you feel you need extra credit protection, it’s up to you to evaluate the offerings from the big three and decide which value-added credit products are right for you.
