Bankrate's website provides information for various financial topics including mortgage rates, banking, loans, investing, and more.
The company offers a number of credit monitoring services, including free access to your TransUnion credit report with weekly updates and debt-to-income reporting. However, the company only offers single-bureau credit reports and does not provide FICO scores.
Bankrate's current credit monitoring services were originally offered by Quizzle, however, Quizzle has "closed its doors" and "joined forces with Bankrate to create a faster, stronger, smoother, credit reporting and analysis tool", according to the company's website.
Keep reading to learn more about what Bankrate has to offer in terms of credit monitoring services.
Bankrate is a good option for those who are new to monitoring their credit since it's fairly risk-free. The company doesn't charge any upfront costs to use its credit monitoring service. Bankrate also doesn't require consumers to input their credit card numbers.
While the company's credit monitoring service is pretty limited, it does give new users access to their TransUnion credit report and VantageScore. The company also provides a helpful credit score analysis that provides customers with the major factors contributing to their current credit score, which also gives newcomers solid advice on how to boost their score.
Bankrate's website and mobile app have features to help users understand what they are looking at and answer questions about how to navigate to the information and sections they want to see.
This kind of guidance is especially important for those who are checking their credit for the first time. Overall, the entire site and mobile app are found to be well-constructed and easy to navigate.
Bankrate provides fantastic educational content built right into its website rather than dumping all of it into a separate education center.
The financial institution does an impressive job explaining not only consumer credit in laymen's terms but also laying out why it matters in the big picture.
There are three major credit bureaus: Experian, Equifax, and TransUnion. Each maintains a separate copy of your credit report, as is explained in this article.
Unfortunately, Bankrate only pulls and monitors one of those reports and doesn't offer customers a way to obtain or monitor the other two. This leaves two-thirds of a customer's credit profile exposed and unmonitored unless customers use other services alongside Bankrate.
That said, it is fairly common to see companies that provide free credit monitoring services only offer single-bureau data.
Bankrate doesn't provide its users with an option to obtain a FICO-branded credit score. Instead, the company only provides VantageScores. The problem with this is that VantageScore is not an industry-standard scoring model that is used by that many lenders.
Further, there have been numerous complaints online about VantageScores being off by as many as 100 points from the score a lender actually pulls.
Unlike some other companies in the industry, Bankrate only offers a single online page dedicated to its credit monitoring service. The company does not provide much information online regardings its credit monitoring offerings. And, this page can be difficult to navigate to.
Everett Bonner Collierville, TN
7 years ago