Credit Sesame is a new program that many people are talking about. Will it really give you unlimited power to increase your credit limit and save money in the process? Many users claim it will and so does the company that makes it. But is it really the solution you need? At the end of this quick review, you’ll know the real answer to this question, are these Credit Sesame Reviews legit?
The first thing you should know is there are two different kinds of companies that offer this particular product. Some offer a credit monitoring service with this product, and some don’t. One of the difference is whether or not they offer unlimited tracking. The latter allows users unlimited access to their account to monitor all of their activity. This kind of monitoring is supposed to keep you aware of your credit spending and how you’re being punished for it. If you don’t want to deal with the consequences of bad spending habits, this kind of monitoring service might be for you.
The main reason why this is considered a unique program by credit monitoring experts is because of the FICO score associated with it. A credit monitoring service without this unique feature will not be able to provide the same level of protection as the FICO score does. By learning how your credit history is calculated and what factors go into its development, you can take advantage of what this unique tool can do for you.
A majority of the credit monitoring services out there only to look at one part of your credit report, while the FICO score looks at every single transaction you make. That’s why there are a lot of differences between the two. With a credit monitoring service, all transactions are caught, regardless of whether or not they were initiated by you or someone else on your account. This includes opening new accounts, making any changes, payments, and inquiries. Even if the other person is not delinquent, he or she still has access to your personal information.
With FICO, on the other hand, all purchases, loans, credit card applications, and other payments are seen. This is made possible through so-called vantagescore. This is basically a mathematical algorithm used to determine what part of your credit report contains inaccurate or false information. Once this part is identified, the creditor will not send you any new credit cards or loans. However, if you have been sending the creditor payment, the creditor won’t pull your credit report because this action is considered to be an illegal act.
So how come there are no credit monitoring services that check out the entire contents of your credit report? The reason is simple: financial institutions don’t want their customers to learn the truth about how they are managing their finances. That’s why they put in place the vantagescore system. But since people can now find the entire contents of their reports through vantagescore, it will only make sense for them to also allow people to learn what is wrong with their credit reports. This way, individuals will be able to get rid of errors that could hurt their credit scores. Now that we have established the differences between these two types of credit monitoring services, we can move on to how they actually work.
FICO sesame works by alerting the credit card companies whenever it notices any inaccuracies or incorrect personal information. The result is that your credit cards will be denied at the very least and sometimes, they will be outright rejected. In fact, it is impossible to get approved for credit cards when the companies see that you have a high risk of bankruptcy.
However, while the app does the actual monitoring job, the credit monitoring part remains with the company that operates the app. The customer service department of each company will be able to help customers who are having problems with their applications. Since there are so many fraud cases these days, the company will be handling all customer inquiries in the company. To keep this particular app running, it is imperative for companies to subscribe to an annual credit monitoring service agreement.