Trusted ID Review: Credit Report Monitoring
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|All 3 credit scores free; great value, especially for families; free 14-day trial|
TrustedID offers an excellent 3-bureau credit report monitoring solution along with best-in-class identity theft protection. It is a particularly strong value for families. At just $10.42/month for individuals and $20/month for families (with annual prepay), it's priced at a discount to services with similar features and protection. Since TrustedID started out as an identity theft protection service, they really shine when it comes to protecting your identity in multiple ways. Though TrustedID monitors your credit reports daily for any changes, you will only receive your initial credit scores, not updated ones like some of the other top credit monitoring services provide. Another drawback is that TrustedID does not include free Internet security software with the subscription like some of the other top credit report monitoring services do.
When signing up for TrustedID, you will need to enter your personal information so that TrustedID can both monitor your credit reports and protect you from identity theft..You do this in a secure webpage, which you can check by looking at the left side of your browser's address bar. Though you do not need to worry about the security of your signup, if you are using a public computer you must make sure there is no one looking over your shoulder, as with any time you enter personal information. It is recommended that you enter your bank account and credit card information during the signup process so that TrustedID can immediately begin actively protecting them.
The family plan is unique among credit report monitoring services and something we hear many consumers ask for. Since each spouse has his or her own credit report, families wishing to monitor their credit and protect themselves from identity theft need to be monitoring both reports. TrustedID allows you to accomplish this in their family plan. Not only can you monitor both spouses' credit reports at all three bureaus and get each spouse's credit scores and credit reports from all three bureaus, you can also sign anyone else in your household up for their additional identity theft protection services. While the family plan will only monitor two people's credit reports, there is no limit on the number of people you can subscribe to their additional monitoring.
Credit Monitoring, Scores and Reports
TrustedID begins monitoring your 3-bureau credit reports as soon as you sign up. You'll also get immediate access to your credit scores and reports from all three bureaus. New information on your credit report can affect your credit score, in turn affecting interest rates that lenders offer to you and your ability to get credit in general. Thus, monitoring your credit reports for changes or inaccuracies is not only crucial for your financial freedom, but also an important tool for preventing identity theft. In addition to alerting you by email any time there is a change on your credit report, you can also choose to receive text alerts to your smartphone. The combination of 3-bureau credit monitoring and 3-bureau scores and reports makes TrustedID a very complete credit report monitoring solution in addition to its history as a great identity theft protection service.
The only thing TrustedID lacks is ongoing updates to your credit scores and reports, as the ones you get at sign-up are the only ones included in the service. Of course, you'll be able to continue tracking any changes to your credit reports with the credit monitoring which is an ongoing part of the service, but you won't be sure exactly how these changes affect your score. It's also worth noting that the credit scores are not FICO scores, but are good approximations of your FICO score so we don't view this as a major downfall.
Identity Theft Protection and Tools
TrustedID's Internet black market monitoring service monitors your personal information such as Social Security number, credit cards and bank accounts for any suspicious activity. It begins working as soon as you sign up by taking the Social Security number you entered during the sign-up process and monitoring its use immediately. Adding all your credit card and bank account numbers is quick and easy and should be done right away. Trusted ID will then monitor the Internet black market for the use of any of these account numbers and immediately alert you if it finds any of your numbers are being bought or sold. Trusted ID also monitors the Internet and public records for any changes to or misuse of your name, address, or Social Security number. TrustedID is the only service we've found that also gives you medical record protection. The service will help you request your medical benefit history from all your providers so you can make sure no one else has been receiving benefits in your name. They then monitor your account for any suspicious usage on an ongoing basis.
In addition to all of this proactive identity theft protection, you'll receive an Identity Threat Score, which provides a gauge of your individual risk level based on an analysis of the various records and databases that TrustedID monitors. Your score will help TrustedID's protection specialists determine the necessary steps to proactively protect your identity. TrustedID also helps you send letters to opt out of junk mail in general and credit card and other lending offers in particular. Not only do these clog your mailbox and kill trees, but they are also a prime target for identity thieves to steal, gain your personal information and open a credit card account in your name.
As part of your account, you are offered a service called CreditLock, which makes your credit report at all 3 bureaus unavailable to everyone without permission. While this is a good option for those who rarely use their credit, or those who are stationed overseas, it does cost $44.95 to lock your credit reports with all three bureaus and $39.95 to unlock them - every time! We typically only recommend using this feature if you know you have been the victim of an identity theft. In that situation, it is extremely valuable.
For those that want to take the additional step of setting fraud alerts on their credit files, TrustedID has developed a simple interface that walks you through the process of setting your own fraud alerts online with Equifax, one of the three major credit bureaus. Once your fraud alerts are set, Equifax will notify the other two credit bureaus, Experian and TransUnion, on your behalf and fraud alerts will be set on your credit files at those two bureaus as well. After you set your fraud alerts the first time they will need to be renewed every 90 days. Trusted ID sends an email notification that reminds you to reset your fraud alerts before they lapse. However, we have had a couple of issues with these notifications working properly so we would recommend you make a note on your calendar and not rely on TrustedID alone for this. The downside to setting fraud alerts on your credit file is that it might delay a credit application process because your identity must be confirmed before an account is opened (usually you will be called and must speak to a representative of the credit grantor), but for those that are very concerned about identity theft this is a small price to pay, and it will not hurt your credit or prevent you from getting credit.
Identity Theft Warranty
TrustedID's ID theft service warranty covers you for up to $1,000,000 in costs to recover from identity theft. While this is a great benefit, direct monetary losses from identity theft are almost always lower, since you are not legally responsible for paying any fraudulent debt accumulated by a thief. The real cost of identity theft is the loss of ability to get credit for an extended period of time, the time and effort it takes to restore your good name, and many other adverse consequences that can even include mistaken incarceration. Thus, we think the most valuable part of the warranty is the identity theft restoration service that TrustedID gives you as part of the warranty. In the extremely unlikely event that your identity is stolen while you're a TrustedID member, they will pay for and perform all the tasks necessary to restore your identity, which can be extremely time-consuming, difficult and costly.
We've found TrustedID customer service representatives to be very helpful and easy to reach at any time of the day or week through phone, email and especially there ever-accessible live chat. Their phone hours are 5 AM to 6 PM PST 7 days a week, and their live chat hours are 8 AM to 5PM PST Monday through Friday.
TrustedID has done a nice job of improving their online account dashboard so you can now see all the different ways you're being protected and whether your account is missing any information. Overall, TrustedID is a solid credit report monitoring service that really shines when it comes to identity theft protection and providing a great value for families.
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Trusted ID Forum Posts
- Can I pay month-to-month for TrustedID?
TrustedID does have a month-to-month payment option, which is $14.99/month. Though this is slightly more expensive than paying annually, you will have...
- Can I pay month-to-month for TrustedID?
IS IT POSSIBLE TO MAKE A PAYMENT EACH MONTH OF $10.42 FOR INDIVIDUAL INSTEAD OF PAYING THE FULL AMOUNT OF $125.00 ALL AT ONE TIME IF I DECIDE TO KEEP...
- Does TrustedID update your credit scores yearly?
Yes, TrustedID will update your credit reports and scores annually. In addition to that, they will monitor your credit file daily and alert you...
- Does TrustedID update your credit scores yearly?
Although they don't do ongoing updates to your credit scores do they do a yearly update?
- Which service supplies credit score updates every month?
While Trusted ID does allow you to sign into your account and view your credit reports and scores whenever you want, they unfortunately only update...