Mountain View, CA (December 13, 2012)— Credit Sesame, the consumer’s credit and loan expert, launched the first true free credit monitoring service that uses data from the largest U.S. credit bureau, Experian. Available now, the new service will track a consumer’s credit activity and send alerts when important changes occur, allowing consumers to take action to protect and improve their good financial standing and credit score.
Consumers have the option of receiving credit monitoring alerts via their Credit Sesame account, phone or email. Credit monitoring will also be simultaneously released on the company’s iPhone and Android mobile apps, so consumers can benefit from credit monitoring on the go.
The addition of free credit monitoring to Credit Sesame’s existing free credit score, aggregated credit information, peer comparison data, bank-level analytics and market monitoring provides consumers with the most comprehensive free online and mobile resource to track and improve their credit standing, build knowledge and get better loan and savings opportunities.
“We believe complete financial transparency is a consumer right, which is why we worked so hard to bring free credit monitoring to consumers. Your credit score and information on your credit report have a very real impact on your bottom line and determine the cost of your credit and loans. Both ultimately impact your wealth and the quality of your life,” said Adrian Nazari, founder and CEO of Credit Sesame.
For example, on a $250,000, 30-year fixed rate mortgage, a person with a credit score of 760 will qualify for an interest rate that is half a percentage point less than someone with a score of 699 in today’s market. This can equate to saving $20,341* in interest over the life of the loan.
Credit Sesame’s credit monitoring service will help consumers:
Save money: Other companies charge approximately $200 per year for consumers to monitor their credit.** Credit Sesame now provides this service for free. Tracking a credit score and monitoring report activity can also help a consumer protect and improve his or her financial standing in order to save money immediately and over the long term, with access to better loans with lower interest rates.
Get transparent access to their credit: Credit monitoring provides a transparent view of credit scores and report activity. It empowers consumers to take control and protect their financial standing.
Detect and limit the damage from identity theft: Notifications of balance changes, address changes, inquiries made and new accounts opened inform consumers of potential fraudulent activity sooner.
Stay on top of their credit: By tracking more than 40 activities, our monitoring service helps consumers stay on top of their credit and quickly fix any potential problems that could cost thousands of dollars if left unaddressed.
Enrollment is free and optional for Credit Sesame users, who can opt out of the service at any time. For more information, please visit www.creditsesame.com.
For more information on Credit Sesame’s tools and consumer offerings, visit www.creditsesame.com.
About Credit Sesame
Credit Sesame is the consumer’s credit and loan expert, helping them make smarter decisions to save money and live richly. It provides a complete picture of your credit and loans in one place, including your credit score, credit monitoring, market monitoring, customized financial analysis, and unbiased loan and savings recommendations – all for free.
Its proprietary savings recommendation engine, with bank-level analytics, monitors the market, runs thousands of scenarios and analyzes each consumer’s debt, to identify the best loans and savings opportunities. Customers receive unbiased recommendations on home loans, auto loans, credit cards and other loans, customized for their personal financial situation.
Credit Sesame has more than $44 billion in loans under system management and has identified $527 million is the total annualized savings for its customers. For more information, visit www.creditsesame.com.
*Mortgage calculation: $250,000 30 year fixed mortgage with 20% down and an APR 3.488% will have a monthly payment of $1,115 and total interest of $151,532, if your credit score is 680 to 699. With a lower APR 3.036% for better credit scores of 760 – 850, the monthly payment is $1,059 and total interest paid is $131,191 Monthly savings equal $56, yearly savings are $672 and interest savings total $20,341 over the life of the loan.
** On average, firms charge a monthly fee of $16.82 for credit monitoring (based on providers listed on Next Advisor 11/2012), which totals to $200 per year. The cost among most providers ranges from $10 – $30 per month.