Compare credit monitoring services in the UK

The best credit monitoring services in the UK help you to stay on top of your personal finances. But with so many on the market, how can you be sure of the best way to check your credit score? Loqbox has tips and advice to help you compare credit monitoring services and track your credit score online. Let’s get into it.

What is a credit monitoring service?

Credit monitoring companies provide tools that allow you to keep track of your credit reports and receive alerts when changes are made. Whether you’re trying to buy a house, obtain a credit card, get a phone contract, or even just keep your finances secure, knowing how to monitor credit scores is really important.

Your credit scores are numerical values that let you know how creditworthy you appear to potential lenders. They’re calculated based on your credit history, and how you have managed your repayments in the past. Generally, the higher your credit score, the better at managing credit you are thought to be, and therefore you are more likely  to get access to further credit when you apply for it.

Not only that, but having stronger credit scores can increase your chances of being offered the best deals on interest rates. If you have a mortgage, or another large loan, better interest rates can save you thousands in repayments over time, so getting the best possible deal is a great way to improve your financial situation.

It's also important to note that there are three main Credit Reference Agencies (CRAs) in the UK: Equifax, Experian, and TransUnion. Each one keeps their own credit report about you, and each report will be slightly different. So, it’s a good idea to consider which CRA is associated with any credit monitoring services that you use. 

Why check credit monitoring services?

When you apply for credit, many lenders will run a hard credit check which can temporarily lower your credit score. Checking credit monitoring services when you are about to make a credit application can give you an idea of how likely you are to be accepted for credit. And applying for lots of credit at once can also have a negative impact. So it makes sense to know you’ve got the best possible chance before you get started.

Lots of things can affect your credit report. If you’re trying to grow your credit score, credit monitoring services can help to identify issues and flags on your report. Maybe you have an ex-partner connected to your account, or an old credit card that you’ve forgotten about. Using credit monitors can help you to give your report a spring clean. 

Credit monitoring companies can also help you to keep track of your financial security. If you notice sudden changes in your credit score when you aren’t expecting activity, it could be a sign of identity theft or fraud on your accounts. Credit monitoring services act like an early warning system to keep you ahead of any unwanted surprises. 

Does credit monitoring affect credit scores?

No, the good news is that when you check your own credit report it is known as a soft credit search, rather than a hard credit check. Hard checks are often done by lenders when you apply for credit, and they can impact your credit score. But soft searches aren’t visible in your history. You can find out more about soft vs hard credit checks here.

What’s the best way to check credit scores?

So, now you know what they are and how they work, you might be wondering how to compare credit monitoring services in the UK? Different credit monitoring companies offer different things, so it can feel daunting to decide which options are right for you.

The best place to start is by establishing what you’re trying to achieve. Some credit monitoring features are paid, but it might be possible to get what you need from free options. So, what features do you need?

• Do you want the most accurate credit information from one or more Credit Reference Agencies? This can be especially useful when you’re considering applying for new lines of credit.
• Do you want help managing and monitoring your credit report with notifications and summaries, to identify things like identity theft and fraud?
• Or are you looking to improve your credit score with advice and suggestions?

Let’s compare credit monitoring services

Experian (Experian credit score)

Experian is a Credit Reference Agency, but they also offer credit monitoring services. On their free service, you get access to your Experian credit score, rather than your full credit report. You can see information about your eligibility for various credit products, and some guidance on how to improve your credit score. So what are the benefits of the paid service? 

The paid service is called “CreditExpert”. It comes with everything you get with the free option, with the added benefit of seeing your full credit report. 

With CreditExpert, Experian gives you information on what is working well for you and what you could improve. With this option, you get alerts that tell you when anything changes on your report. That can be a useful way of keeping track of your credit history, and monitoring your accounts for fraud.

As you may have guessed, Experian’s credit monitoring service uses Experian’s own data. Experian is the most widely used credit reference agency in the UK, so this option can give you a good indication of how most lenders might view you.  This is useful if you are looking for a credit monitoring service because you are considering applying for a mortgage, personal loan, or a credit card.

Equifax (Equifax credit score)

Equifax is another Credit Reference Agency with their own credit monitoring service. Equifax is a paid service with no free option (although there is a 30 day free trial). It offers access to your full Equifax credit score and report, and sends you alerts and notifications when things change on your report.

They also offer identity protection alerting you to suspicious activity on your accounts, so if security is a priority this could be a good option. But it’s worth mentioning that Equifax doesn’t have an app, making credit score checks on the go difficult, and there isn’t much guidance for how to improve your credit score included in the service.

MSE Credit Club (Experian credit score)

MSE Credit Club comes from Martin Lewis’ cost-saving website Money Saving Expert. At the moment, this free credit monitoring service gives you visibility of your Experian credit score and has an overview of your eligibility for various credit products. However, you don’t get alerts and notifications when changes are made on your credit report.

What you do get is handy hints, tips, and guidance, and various affordability tools. If you want help finding the best financial products for you, this could be a useful tool. But it may not work as well for identity theft protection or finding errors on your credit report.

ClearScore (Equifax credit score)

ClearScore is a widely available app that lets you see your Equifax credit score and report, for free, forever. The great thing about being able to see your credit report is that you get to see exactly what potential lenders look at. This is super useful if you’re thinking about taking out a new line of credit as you can work out what, if anything, needs fixing. 

ClearScore provides you with offers for credit cards and loans that they judge to be more suitable for you. This means that you’re more likely to be accepted, which can help to avoid unnecessary drops in your credit score after credit searches. You also get alerts and notifications, and dark web monitoring, which helps you keep track of fraudulent activity.

Intuit Credit Karma (TransUnion credit score)

Another widely available and free forever credit monitoring service is Intuit Credit Karma. This service gives you weekly visibility of your TransUnion credit score and report. They also have advice, tips, and guidance on how to manage your credit report, like fixing errors.  

Much like ClearScore, Intuit Credit Karma will provide you with the best credit card and loans tailored to your credit score. They will also let you know when there are amendments made to your credit report, again letting you stay on top of activity and checking if it’s something you don’t recognise. 

CheckMyFile (Experian, Equifax, and TransUnion credit scores)

CheckMyFile is the only credit monitoring service that provides credit scores and reports from all three of the main Credit Reference Agencies in the UK. It is a paid service with regular updates to your report and lots of detail so you can keep track of how you’re progressing.

As well as a comprehensive view of your reports, CheckMyFile tells you which Credit Reference Agencies each credit provider uses to run credit checks. This helps you to make a call on how likely you are to be accepted for a credit product. Unfortunately, there isn’t an app and you don’t get alerts and notifications to help you identify fraudulent activity.

So, are credit monitoring services worth it?

The decision to invest in a credit monitoring service ultimately depends on your individual financial goals and needs. While they provide valuable insights and can help prevent identity theft and fraud, it can be costly to get access to all the information you need. Research the features and find the best option for your objectives. 

If your main goal is to improve your credit score, and you’re looking for a less expensive option, why not get started with Loqbox? For £2.50 per week, you get access to all our powerful credit building tools to boost your credit score. By using all of them, you could grow your credit score by up to 300 points in just three months. We report your activity to all three Credit Reference Agencies which helps your credit score to grow quickly. 

Improvements to your credit score are not guaranteed.