If you’ve decided to prioritize your credit health, it’s worth knowing more about Experian and what it offers. It’s the largest credit reporting agency in the world, and you can visit the website to access a suite of services to improve your credit score. Credit reports and scores are accessible for free, or you can upgrade to paid services for more in-depth support.
About Experian
Experian is one of the three major credit reporting agencies headquartered in the U.S. You can visit the website to get a copy of your credit report and Experian credit score or to access an assortment of tools and resources to help you stay on top of your credit health and reach your credit goals. Experian also provides resources and credit solutions for business owners.
Experian boasts over 125 years of experience and serves consumers in over 100 countries worldwide. The credit bureau operates in 30 countries and has more than 21,000 employees.
Key Services Offered by Experian
Whether you’re looking to build credit from scratch, repair your credit health or simply keep tabs on your credit profile, Experian offers services to assist.
Free Credit Report and Credit Score
You can view your Experian credit report and FICO Score free of charge. Based on the information in your profile, Experian also shares tips to help you optimize your credit health.
Credit Monitoring
Experian also offers free credit monitoring to keep you in the loop. You’ll get an alert when activity occurs in your Experian credit file so you can take action sooner if your identity is compromised. And you’ll know where you stand when you apply for credit.
Experian Boost
Experian Boost is a unique, free feature you won’t find with the other major credit bureaus. It uses positive payment history from your bank account for rent, utility, cell phone and insurance accounts to increase your credit score in real-time.
Experian Go
Experian Go is a relatively new tool that assists consumers with new or thin credit files. You can use it to establish credit and get educated on how credit works, and it doesn’t cost you anything to sign up.
Fraud Prevention Services
Experian CreditLock lets you lock or unlock your credit file instantly at the tap of a fingertip. So, you can help shield your credit file from unauthorized access by thieves and fraudsters. You can request a dark web triple scan to learn if your personal information is compromised and, if so, the next steps to secure it.
These features are also free and accessible through the website or mobile app.
Experian Smart Money
Experian Smart Money is a digital checking account that simplifies your banking experience. It’s a fee-free option with no account minimum featuring a debit card you can use to make everyday purchases. Plus, new account holders get a $50 bonus when enrolling in direct deposit. Experian Smart Money also integrates with Experian Boost to help you build credit without taking on additional debt.
Other Experian Products and Services
You aren’t limited to free credit reports, scores, monitoring and credit-building resources with Experian. The credit reporting agency also offers other products and services to assist you on your financial journey.
Credit Cards
Experian analyzes your credit profile to provide personalized credit card recommendations. There is no impact on your credit score, and you’ll know your approval odds before applying.
Loans
A loan comparison tool is also available to help you streamline your search. Like the credit card match service, this feature recommends debt consolidation and personal loans or student loans from partner lenders based on your credit profile and financial goals.
Auto Insurance
In some states, providers use insurance-based credit scores to set auto policy premiums, which could mean bad news if your credit score is lower. However, Experian can help you find more affordable coverage by shopping your information around to over 40 leading insurance companies and providing you with rate quotes to maximize cost savings. Experian also handles the switch, and you may qualify for a refund if you’ve overpaid on your current policy.
How Much Does Experian’s Services Cost?
You can access your credit data and many of Experian’s services for free through a CreditWorks Basic or Identity Works Basic plan.
But if you want more in-depth solutions, CreditWorks and Identity Works Premium are available for $24.99 per month following a 7-day free trial. (An IdentityWorks Family plan comes with a price tag of $34.99 monthly after the trial period ends).
Three-bureau credit reports and FICO Scores are also available for a one-time fee of $39.99.
Advantages and Disadvantages of Using Experian
There’s a lot to love about Experian and its vast suite of offerings. That said, there are also drawbacks to consider when deciding whether you should use its products or services.
Advantages of Experian
- Comprehensive credit solutions: Experian’s extensive library of credit tools and resources makes it easy to take control of your credit health, make informed decisions and move closer to your financial goals.
- Identity theft protection services: These solutions help shield you against attacks by fraudsters and thieves. You’ll also get peace of mind knowing you have resources at your disposal should you fall victim to identity theft.
Disadvantages of Experian
- Costs: Despite the variety of free offerings, premium services come at a cost. They could be a bit costly, depending on your financial situation.
- The complexity of services: It’s relatively easy to become overwhelmed as there are so many products and services to choose from.
Comparing Experian vs. Other Credit Reporting Companies
Experian is the largest of the three major credit reporting companies, which also include TransUnion and Equifax. Each collects financial data on individuals to help assess their creditworthiness. However, there may be slight differences in the information they gather, leading to variations in the credit reports and scores they produce.
All three offer similar core functions, such as providing credit reports, scores, credit monitoring, and dispute resolution services. However, Experian has unique credit-building offerings like Experian Boost and Experian Go. You can also enroll in a comprehensive identity theft solution for an added layer of protection.
The pricing structure for premium features also varies amongst the credit bureaus.
Is Experian Right for You?
It depends on your credit goals, lifestyle, and where you are on your financial journey. Experian could be beneficial if you actively manage loans and credit cards or are concerned about identity theft. The same applies if you’re looking to build your credit from the ground up or improve your credit score.
The credit bureaus offer several services to help you start on your journey to solid credit health. However, you’ll need to pay a fee to access some of the fancier features.
FAQs About Experian
Experian CreditWorks is a service that provides you with your credit score, credit report and credit monitoring with real-time alerts. It is a legitimate offering designed to help you stay informed about your credit health.
Experian has a solid reputation and over 125 years of industry experience. It’s recognized globally for various credit-related services and currently serves consumers in 30 countries.
Experian’s premium plans could be a sound investment if you’re actively managing your credit or are concerned about identity theft or fraud. While Experian does offer free service options, the paid accounts provide more comprehensive features that could be worth the investment for your financial health.
How to Get Started with Experian
To get started with Experian, navigate to the site and select the “Sign In” button found on the top right corner of the screen. Click the “Sign up for free” button and input the last four of your Social Security number and mobile phone number into the form.
Once you select the “Get Started” button, you’ll receive a text with a link. Click the button to verify your identity, and return to the webpage to complete your registration for a free Experian membership. To create an account, you’ll need to provide personal information, such as your name, date of birth, phone number, address, and Social Security Number.
