Your credit score is an important thing to both know and monitor. Unfortunately, some people are still in the dark about their credit score. There’s no reason to stay ignorant when it’s both free and easy to discover what your credit score is. There are also ways you can monitor and protect it. There are a number of services that offer this to you – one being Credit Sesame.
What is Credit Sesame?
The most basic thing that Credit Sesame does is offer you a free look at your credit score. The Sesame credit score comes from the TransUnion credit report, one of three major credit bureaus. With your score also comes a full credit profile, which breaks down your score and shows you exactly why it is what it is.
Simply knowing what it is might be all you need, although it’s not all they offer. In addition to seeing your score, you can receive a number of other services that will help you manage your credit and reach your financial goals – such as paying off a student loan fast.
Credit Sesame Key Features
Credit Sesame gives you unlimited access to your credit score, which is updated each month. When you keep coming back to check on it, you can start to see what trends and patterns exist in your finances. Once you’ve seen your credit score, it’s important to also monitor and protect it. This is where Credit Sesame comes in.
If you have a lot of credit to manage, there are several ways Credit Sesame can help you keep track of all the details:
- Payment history: Keep track of late payments, foreclosures, collections, etc. It’s best to avoid these things, but it’s important to know when they do.
- Credit usage: This compares how much credit you have in total with how much you owe. It’s good to keep this low as banks look at this comparison when considering you for loans.
- Credit age: It tells you how old all of your accounts are. Lenders like to see long-standing accounts without issues. ‘
- Account mix: All your account types will be broken down for you including student loans, car payments, mortgages, credit cards, etc. This helps you plan how to pay off your student loans faster, and get a handle on your credit card.
- Inquiries: It will keep track of your inquiries. It’s best to keep your inquiry numbers low as this shows you’re not constantly seeking more debt.
With all of this taken into consideration, Credit Sesame will also give you an overall grade based on the market and its trends. It will then offer recommendations on how to improve your score and tell you what factors are most important in maintaining it.
Identity theft is a big deal with serious, devastating consequences to those who fall victim. This is one reason why it’s exceptionally important to monitor your credit carefully and watch for any unusual activity. Credit Sesame helps you with this by notifying you any time there is a new activity. This way, you’ll know immediately if something is amiss.
In fact, Credit Sesame is so confident in the ability of its program to protect your identity, that they offer all members $50,000 of free identity theft insurance. If you need to use it, this will offer support and guidance when it comes to restoring your identity.
Based on your profile and information, CreditSesame will use its proprietary software to offer savings advice specific to you. It analyzes all your loans and debts and gives you offers from some of the best national lenders.
They do this by running 5000 different scenarios and showing you the top three best-performing loans with the most competitive rates. This includes loans for cars, mortgages, or student loans, depending on what you want. You might also consider refinancing your student loans if they’re becoming difficult to manage. Student loan interest is a killer.
They can also offer credit cards that you’re most likely to get approved for based on your credit profile. Even if you’re not actively looking for a new credit card, it can be good to know how much credit you’ll be able to get should the need ever arise. Getting a loan for bad credit is difficult so you’ll want to prevent your score from dropping at all costs.
Why Credit Sesame?
Credit Sesame is far from the only company out there who will show you your credit score. So, what sets Credit Sesame apart?
CreditSesame has two major competitors, one being the well-known and highly advertised Credit Karma. Another company that offers a comparable service is Quizzle.
All three offer your credit score for free, and all use TransUnion to generate the score. However, Quizzle and Credit Karma go one step further and offer you your full credit report for free. Credit Sesame does not, though It’s available for a small fee.
The three of them all differ in frequency as well. Credit Karma updates your score every week or so, while Quizzle is much longer at every three months. Credit Sesame falls in the middle, updating about once a month. The frequency of updates may or may not matter to you, depending on your current needs and plans.
However, Credit Sesame’s offer of free identity theft insurance for all members is what sets them apart, despite their lack in this one area. This clearly shows that they have the utmost confidence in their service and are willing to back it up.
This Credit Sesame review has covered just the basic differences, but they are the most significant in many cases.
Sesame Credit on the App
You can also access your Sesame credit information via their mobile app. Many users report that the app is actually easier to use than the website sometimes. It’s available on the iTunes App Store and Google Play.
The app offers either a touch ID or a 4-digit pin to make Credit Sesame login on the go fast and easy. On the app you can access your credit score, credit monitoring report, score improvement recommendations, and your personalized offers.
With the credit report, you are also shown all the factors that impact your score. For most, this is what they really want to see at a moment’s notice. The ease with which it’s accessible is appreciated by users of the app.
How Accurate is Credit Sesame?
It can sometimes be difficult to trust services that deal with such personal and sensitive information, especially when they’re free. With Credit Sesame though, you have nothing to worry about. Their service is legitimate, private, and protected.
They are dedicated to protecting your information at all costs. While they might not offer quite as much for free as other credit services do, their offer of free identity theft insurance can’t be beaten.
You may consider using something like Credit Karma if you want a more comprehensive look at your credit. For most though, Credit Sesame is enough.