Are Credit Score Apps Safe?

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Which should you use? Is your information safe?

All the long-term investment decisions like houses, cars, mortgages, education that you would want to engage in, depend on your credit score. Yes, it determines to a large extent if any of the mentioned plans or decisions will be available to you. Although you have the option of outright purchase of any of these mentioned plans i.e. if you have the cash, we all know that the world runs on credit. Your credit score could be good or bad. i.e. you have a number of points that fall well within the average for your country or well below the average.

So, the question is, what is a credit score?

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Your credit score is sourced from the credit bureau based on credit report information. It is characterized as a numerical expression founded on a level breakdown of an individual’s credit files to represent the creditworthiness of an individual. This information is important to lenders like banks, credit card companies etc. who use the information so as to mitigate against the risk of bad debt, losses of revenue, set the credit limit for an individual, also know what interest rate should be given to an individual. It also helps these lenders know which individual will bring in consistent revenue.

Other organizations who are firmly interested in an individual’s credit score are mobile phone companies, insurance companies and landlords. Now, most people would want to monitor their credit score online since it is a major part of our lives. How do we do this? Well, there are credit score apps that help you monitor your score and some of them are pretty safe to use. They give you the choice of some great features that can be used to track your credit score towards making major purchases.

There are various lenders like banks, insurance companies, mobile phone companies, credit card companies that encourage individuals to track their credit score regularly. You can also check your credit score every month reliant in the credit card you use. To further encourage individuals to track their scores some lenders will send you emails as regards your scores, that you can easily check online at your convenience.

There are some reliable credit score apps available out there and are considered to be secure. They have helped individuals manage their credit score and are made available by the three credit bureau agencies. They are Transunion.com, Experian.com and Equifax.com. They provide a safe, well-maintained security feature so customers can manage their credit scores via the apps. Therefore, the safest credit score apps are those that come from trusted and established bases.

FACTS which stands for Fair and Accurate Credit Transactions was passed in 2013 and since then most individuals can access their credit information through the site AnnualCreditReport.com. The site and app is a secure one and even has an SSL encryption on it.

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Which well known credit score app is secure to use for managing and tracking of your credit information? We are now informed that some credit score apps are safe to use with no fear of your privacy guard for example been compromised, it is crucial at this point to mention some of the safe apps to use.

One of the three credit bureau agencies i.e. Experian.com, which offers the Experian app which is a pretty commonly used credit score app also applies the Experian credit score rating model. Whether you are an Android or iOS user, the Experian credit score app is available to you with its free credit services. It also offers monthly credit score updates to all users of the Experian app. There is also Credit Karma. It is said to be the most commonly used credit score app there is out there. The features of this app make it easy to use as individuals can easily create an account even without the option of divulging their credit card numbers plus there is the opportunity to update your scores week by week to ensure your credit score is not impacted in any way via a ‘soft pull’. What this means is, an individual can check his or her own credit report or grant permission to a lender like a bank to check your credit, or even credit card companies check your credit before approval of a loan or a credit card. Soft pull does not impact on your credit scores and they also do not appear on your credit report.

Another app which is secure and safe to use since it is provided by a reliable source is Mint. It gives users the opportunity to take advantage of helpful financial services, they can monitor their accounts inclusive of all other financial details like their credit scores.

Since the above mentioned apps are made available by reliable sources, we can safely say they are good to use to monitor, manage, keep in constant touch with your credit score. Remember, all major purchases like a house, a car, mortgage, education even a vacation, are done through your credit score so it is very important that you keep this track this score regularly to ensure that everything is okay with it and there are no issues or irregularities and if you do find any irregularities in your report, since you have an app that helps you monitor is say weekly, you can bring the attention of the credit score app provider to point you in the right direction towards getting the issue resolved.

Also, remember there are good and bad credit scores. For Americans, an average credit score would be 682 points, if it’s above this, that is truly great. A low credit score would be between 580-619, which is considered as not good. There are some ways to improve this score like late payment removal which can drop your points by as much as 60- 90 depending on how long the late payments have been, also pay off balances on your cards responsibly.

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