Privacy Matters 1-2-3 is a website that offers credit monitoring services to help its members maintain and safeguard their financial security.  

The website offers the opportunity to obtain a “free 3-in-1 credit report and Triple Score instantly” for TransUnion, Experian and Equifax.  In order to obtain this free information, you must sign up for a seven day trial membership with them.  

The website also explains that as a member “you’ll receive automatic alerts when activity is detected on your credit files at all three credit bureaus.”  

After clicking on the offer on the homepage, you are directed to another page that explains in addition to access to your credit report information, you will also receive “Your Savings Club” automatically.  This is a “premier shopping and savings program” which allows you to “save up to 10% instantly on gift cards for major stores and restaurants” (please note there is a long legal disclaimer in small print at the bottom of this page that should be reviewed before signing up for the offer). Also note there is a $1.00 monthly fee for this service.   

Additionally, the website states if you agree to avail yourself of the website’s “free trial” offer there is a refundable $1.00 monthly processing fee charged. Also if you do not choose to cancel the trial membership, they will automatically charge $19.95 per month to the credit card number you provide them when you sign up.  

While this can certainly be a valuable service, it is definitely worth checking with other websites that offer similar services to compare offers. At the very least, be sure to read all of the small print carefully before giving any company your credit card number.  

MyFICO is a website that offers access to your FICO score and credit report monitoring with their “Score Watch 30-day FREE trial” (they can be found by clicking here www.myfico.com. They explain that their service “monitors important changes to your FICO score and Equifax Credit Report,” provides timely alerts when important changes are detected, easy-to-read view of how lenders see you and items affecting your score, and alerts when you might qualify for better interest rates on loans.  

MyFICO offers a “100% risk-free 30 day FREE trial.” Please note myFICO will send you an email approximately seven days prior to the end of your 30 day trial period “to confirm that you wish to convert your trial to an annual subscription.”  If you do not cancel prior to the end of the 30-day trial period you will be billed $89.95 for the year when the trial period expires.  

In addition to the features listed above, the subscription comes with “Two Score Power reports” one when you enroll, and another available any time during the subscription period.”  The “Score Power report” includes: your current FICO score, an explanation of items that are hurting or helping your credit score, your complete Equifax credit report, and the FICO score simulator, which shows you how paying down balances, missing payments, or transferring balances to other cards may affect your credit score.  

The services offered by myFICO can be useful as it is very important to be aware of your credit nowadays. However it is also important to review all disclosures before you agree to provide your personal, private information to anyone.  

FreeCreditReport.com is a website that offers “your free credit score and a whole lot more.” They offer the opportunity to a “free credit report” but by doing so you have to agree “to begin your free trial membership in Triple Advantage Credit Monitoring.”  It is very important to note if you don’t “cancel your membership within the 7 day trial period” they will bill you $14.95 per month to continue your membership.  

FreeCreditReport.com touts itself as different from other websites that offer similar services by stating their report is “easy to understand,” “delivered quickly, safely, and securely with 24 hour access,” and they “alert you of key changes to all 3 of your national credit reports.” Please note there are asterisks and disclosures attached to many of these statements.  

Additionally, the website offers access to your Experian credit report and credit score without signing up for membership for $14.95 or “3 credit reports & 3 scores in seconds, all of your credit reports in one” for $39.95.

FreeCreditReport.com goes on to advise they are not affiliated with the annual free credit report program. They state “under federal law, you have the right to receive a free copy of your credit report once every 12 months from each of the three nationwide credit reporting companies.”  They direct you to a different website for information about this program. However, they include the reminder that “all free credit reports are not created equal.”  

FreeCreditReport.com certainly offers a valuable service as each person should keep track of their credit report information regularly.  However, please remember it is important to review all disclosures and small print carefully before giving anyone your personal information.  

Free3BureauCreditReport.com is a website that offers a “free 3-in-1 credit report” and “all 3 free credit scores” which contain consumer credit reporting information from the three nationwide consumer credit reporting agencies, Experian, TransUnion, and Equifax. The company’s website can be found at: http://www.free3bureaucreditreport.com/. 

The services mentioned above are available as part of the website’s “Credit Adapter” program. In addition to unlimited online access to your 3-in-1 credit report and your 3 credit scores, the “Credit Adapter” also provides “automatic alerts when changes to your credit are detected” at all three credit bureaus.  

After clicking the “get it now” button for more information, the site brings you to another webpage where you are advised that in addition to “Credit Adapter”  ”you’ll also receive 24 Protect automatically. Save 10% on gift cards purchased through 24Protect.”  Furthermore, if you do not call to cancel your membership within the initial seven day trial period, you will automatically be charged $29.95 per month to continue your “Credit Adapter” service.  

Additionally, by agreeing to sign up for the “Credit Adapter” you are also agreeing to pay $1.00 per month for the “24 Protect” service.

This website has a lot of disclosures and small print. While this may be a worthwhile offer if the services they offer meet your needs, I would definitely recommend checking other websites that offer similar services to see if there is a better deal out there for you.  Also be very careful to read all of the aforementioned disclosures and small print before you agree to provide your credit card or any other personal information to anyone.  

A borrower has a FICO score of 580 out of a possible 850. 

Melvyn Brooks has recently lost his job as a vehicle mechanic and has run into some financial problems.  His rented house in Newark is quite expensive to run and he has some outstanding debts.  His credit score is currently 580.

This score would be considered Poor on this scale, with Very Good being the highest rating. A number of variables affect the credit score, but with 580, the borrower would be considered a very high risk by lending institutions. The conclusion would be that Melvyn has had major debt issues in the past and has not always made his repayments on time. Lenders will not want to provide credit or loans to Melvyn until a more positive credit history has been established by him.

As a result of this credit score it would be difficult for the borrower to obtain any attractive offers from lenders, especially the credit card companies. Melvyn would have to pay enhanced fees and higher interest rates than many other customers. Larger down payments on installment loans and any mortgage would also be asked for by the companies. In addition he might not be able to obtain high credit limits or any loans at all.

The variables keeping this score in the lowest category are many late payments across a variety of accounts, including credit cards, mortgages and other installment loans. The fact that any late payments were very recent is extremely relevant. Charge-offs on accounts (in which the lender did not receive the entire owed balance) is a very negative consequence.  Finally, this borrower will have a public record and settlement showing on the credit report. This informs lenders that the borrower had been taken to court to collect on a debt.  

The borrower will need to re-establish some proven good spending behavior on existing accounts and allow time to eliminate some of the more negative entries beyond a period of as long as seven years.