Monitoring your credit score is important, and Credit Verify is a service that let’s you do it online. It also let’s you access your credit reports instantly and as many times as you want. The catch is that you have to pay a premium of $19.95 per month. You get up to $25 in rewards for being a premium member, though. In addition to that, potential members get to spend a trial week with the service for $1.
If you don’t keep tabs on your credit score from time to time (daily is recommended), you’ll be left in the dark. You won’t have a clear idea of your financial standing. Furthermore, you’ll be at risk of identity theft. So, it’s always a good idea to have a credit monitoring service – if not Credit Verify, then you should pick one of your choice. In this post, we give you a full overview of Credit Verify and what it has to offer.
Getting To Know Credit Verify
Credit Verify helps you keep track of your credit score and your credit reports.
That’s the gist of it.
Now, there’s a lot more to know about it, what it offers, and why you would want it in the first place. After all, a lot of Canadians get by without it. The devil’s in the details, but don’t worry, we’ll get there in a moment.
Credit Verify provides you with instant access to your credit score at all times, as long as you’re paying for it.
Why You Need To Know Your Credit Score
It’s not simply about knowing thy credit score. It’s about everything that comes along with giving your credit reports a peep every so often.
Being financially literate is important, and being credit savvy is at the heart of achieving that. Every loan you’ll ever get, every mortgage you want to apply for, and every car you want to buy throughout your life … they are all neatly intertwined with your credit score and if you’re not familiar with it, you’ll experience some nasty bumps down the road sooner or later.
Additionally, there’s something many people tend not to know: Your credit reports will often have an occasional mistake in them! If you don’t check your reports regularly, these doozies will slip right under the rug and your score (which you’re not checking, by the way) will be negatively affected. Keeping track of your score will help you avoid anything like this.
Your credit score can change often – even daily – so having a tool like Credit Verify can be highly beneficial. It’ll help you realize which activities reflect negatively or positively on your score, which will assist you in making better daily choices.
Identity Theft Is Not A Joke
If you got the reference from The Office, give yourself a pat on the back. Now, let’s focus.
Identity theft is a massive problem, and it appears to be growing. It’s when an imposter pretending to be you, takes control of your financial life to any degree.
In 2018, Canadians lost $21.2 million due to identity theft, which is a much bigger figure than the $11.7 million from 2017. These are some really massive amounts, and the fact that the crimes are growing so rapidly in a country like Canada shows that this is no laughing matter.
One of the best and most obvious ways to protect yourself from identity theft is to make sure you’re keeping your personal information and details about your identity a secret from strangers. Your phone numbers, your credit card information, and every other detail should be kept with only the people who they’re concerned with.
One can never be too safe, however, and that’s where Credit Verify comes in. It helps you keep track of your credit score in real-time, around the clock. That means that you’ll notice any anomalies in the score right away. Any changes in the score that weren’t caused by you will be immediately obvious. You’ll know that someone else has access to your finances, which will allow you to take action before it’s too late.
Credit Verify: How It Works
Before You Sign Up
Credit Verify is not a free service, which might be a turn-off for many potential customers. Take note that you’ll have to give your credit card details when you sign up.
However, you won’t have to empty the bank just to test this product out. Credit Verify offers you a trial week for just $1. However, once your trial week is over, you’ll automatically be charged $19.95 every month until you decide to cancel your subscription.
You’ll likely know if this product is for you within the first trial week, so there isn’t much to worry about. Also, to offset the monthly price, you’ll receive up to $25 in reward points for each month you’re a paying member of Credit Verify, which should help bring down the price somewhat. These points can be spent on plenty of outlets, like brands such as Nike, or restaurants like McDonald’s and Subway, among many, many others.
If you’re looking for credit cards that offer rewards, you may want to check out the Amex Gold Rewards Card.
It literally takes 5 minutes to set up an account on Credit Verify. The process comes in two parts.
1. Personal Information
The first step of the process is to give your personal details.
You’ll even be asked to provide a reason for creating your account, but it’s nothing serious. There’s even an option that says “just curious”, so anything goes.
The second step asks for all your information needed for the verification of your account, which means your address and credit card info.
On the same page, you’ll also create your password:
With all of that done, you’ll be able to log into your account and get to know your credit score. You’ll be charged $1 when you sign up for your trial week, and you’ll be able to opt-out at any given time.
Features of Credit Verify
Financial Planning Features
- Informational services: You won’t be alone while you’re using this service. Credit Verify will let you know everything you need to know about your credit score.
- Constant credit score monitoring: You’ll be the first person to know if there’s any change in your credit score as it’ll be monitored at all times.
- Instant access to credit score and reports: Whenever you want, you’ll be able to access your score and credit report – there’s no limit to how many times you can see them.
- Credit Score Simulator: If you’re planning on getting a mortgage or a loan for a car, you can give the simulator a test run to observe how your credit score will be affected. This gives you a heads up on what to expect.
- Guidance on disputes: You’ll receive guidance on what to do in the unfortunate case of any errors in your credit reports.
- $25 In Monthly Rewards: Credit Verify lets you make more than you spend on the app through its rewards program. You’ll be able to redeem your rewards on plenty of stores, like Kate Spade, Michael Kors, Nike, and Lacoste. On top of that, you could also redeem your rewards for eateries like TGI Friday’s, Dunkin’ Donuts, McDonald’s, Subway. There’s a good chance you frequent one of these businesses, so you have the chance to earn back what you spend on Credit Verify.
- Investment Proposal Tool: If you’re planning on raising money for your venture, this app also lets you prepare proposals to maximize your turnout.
- Cash Flow Analysis: Credit Verify aims to be the center of your financial life and helps you analyze your cash flows for you. It’ll help you reduce any unneeded spending that’s driving you towards net losses.
- Net Worth Tracking: You’ll never be confused about where you stand, financially, ever again. Credit Verify will keep track of your wealth and liabilities.
- Financial Calculator: If you have a business, you’ll be able to keep track of all your finances with this tool. You’ll have your interest (simple and compound), cash flow, profit margins — and everything in between — in check.
- Financial Health Score: Credit Verify will also provide you with a financial score. It’ll help you determine how well you’re doing with your finances. A score of 80-100 means you’re on the right track.
- Budgeting Tool: Creating a budget is the first and foremost way to ensure that your finances are headed the right way. It’s not easy to make a budget, though, and most budgeting apps charge a premium. Luckily for Credit Verify users, they get the option to create their monthly budget in the app itself.
- Internet Monitoring: If your credit card or personal information is being used by someone online, Credit Verify will instantly report the activity to you.
- Dark Web Monitoring: There’s a huge chunk of the internet that can’t be accessed by search engines. It’s here where you can find credit card information for sale. Credit Verify ensures that you’re the first to know if your information finds its way there.
Does Credit Verify Affect Your Credit Score?
A lot of people have the concern (and rightfully so) that checking their credit scores might have a negative impact on it. That’s partially true, and that’s because there are two different types of checks that you can make. Hards checks and soft checks.
Hard inquiries are performed mainly by lenders who want to check your credit history. Their objective is to go through every detail in order to determine whether you’re suitable for a loan. Too many hard checks reveal that you’re applying for too many loans and aren’t doing too well – which results in your credit score being damaged.
Soft inquiries, on the other hand, are performed frequently by yourself, lenders, and bureaus, to keep track of your performance. These have no effect on your credit score no matter how many times they’re performed.
Credit Verify uses soft inquiries to keep track of your score and has no negative effects on it whatsoever.
If you feel like your credit score is lower than you’d like, there are cards that can assist you in pulling it back up.
The Upsides Of Credit Verify
Quick sign-up: It takes little more than 5 minutes to have your account up and running. You’ll be able to see your results instantly after that.
Trial week: The trial week provided by Credit Verify lets you know if you’re interested in the service at all, without wasting any extra money. You’ll be able to have a full experience during the trial week, which will give you a good idea of whether you want to continue or not.
Constant monitoring: The instant updates to your credit score are a big plus as you’ll be able to see the effects of your activities in real-time and reflect upon them. Also, it allows you to react faster should anything go wrong.
Unlimited checks: You won’t have to be careful about how many times you check your score, which is a huge plus.
The cost: Being a premium member costs $19.95 per month, and while there are rewards to offset those costs, they’re still there. You’ll have to provide a credit card in order to access the benefits that Credit Verify brings.
Credit Verify Uses TransUnion
There are two main credit bureaus in Canada, namely TransUnion and Equifax. Credit Verify works with TransUnion and gets all its information from them.
If you’re registered with Equifax and want to see your credit score online, you may want to check out Borrowell.
Alternatives To Credit Verify
For those who aren’t fully bought on Credit Verify, we have two alternatives that you might like.
Yes, that’s the bureau that Credit Verify draws its information from. It also offers its own credit score tracking online and offers some powerful features which we can’t find with Credit Verify. In addition to everything you’re getting with Credit Verify (as well as costing the same), TransUnion also offers:
- $50,000 ID theft insurance: this is one of the best features you’ll get with a credit monitoring service. It gets TransUnion a whole lot of sway over its competitors.
- Change alerts: unlike Credit Verify, TransUnion gets you alerts when your credit score changes.
Related: New to credit cards? Check our list for the best credit cards for beginners.
2. Credit Karma
Credit Karma is a great option for those not interested in Credit Verify because it has one overwhelming advantage: It’s completely free.
That’s right. You don’t need to provide any credit cards, there’s no beating about the bush with payments and monthly rewards; you just log in and see your score and report for free – instantly … as many times as you want.
Customers registered with Equifax are sure to enjoy Borrowell. It gets you your credit score and reports free of cost, but this tool has various other tricks up its sleeve. It also allows you to borrow loans digitally at extremely reasonable interest rates.
Should You Use Credit Verify?
Credit Verify gets you your credit score and reports online, instantly, for a monthly fee of $19.95. It gives rewards of up to $25 which you can redeem and various stores.
However, the question is, should you get it? Is it worth the money? The answer depends on who you are and what you need.
Credit monitoring is a great service that everyone should use. However, to use Credit Verify specifically, you should be:
- Willing to dish out $19.95 every month.
- Be an avid fan of stores like Kate Spade, Michael Kors, Nike, Lacoste and restaurants like TGI Friday’s, Dunkin’ Donuts, McDonald’s, Subway. That’s the only way you’ll redeem the premium payment you’re making each month.
Credit Verify isn’t just a simple app that lets you see your credit score and reports. It’s a way of life and covers most tools that you’ll need to get your financial life in order. If you just wanted to keep tabs on your credit score, then we don’t recommend this app.
However, if you’re interested in the vast amount of features that Credit Verify has to offer, and like shopping at the stores or restaurants mentioned above, then you should definitely give it a shot.