Equifax Score Watch
Equifax Score Watch monitors changes to your FICO score and credit file, and notifies you whenever a change may influence the interest rate you're likely to qualify for on a mortgage, home equity, or auto loan. Equifax Score Watch enables you to set a target for your ideal FICO credit score and watch its progress over time. You will be provided a detailed explanation of the reasons for each and every change to your credit score and you'll be given the most valuable and relevant information on how best to manage and improve your score.
On your Equifax Score Watch start page (or the Summary page), you'll find:
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your FICO score and the date effective;
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a field for setting alerts to notify you when your score changes enough to affect your qualifying interest rate for:
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14 different kinds of mortgage (30 yr fixed conforming or 5 yr ARM non-conforming);
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4 different kinds of auto loan (36 month new or 48 month used);
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4 different kinds of home equity loan (i.e. 10 yr fixed HE or HELOC $50,000+ 80% LTV);
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an interactive chart of your credit score trends towards your targets (including previous and current score trends as well) over a period of 1 month, 3 months, 6 months, and 1 year;
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an Alerts Window displaying your most recent:
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your Alert Preferences where you set the criteria for being notified, based on:
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Loan type
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Target score
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Balance percent change
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Balance dollar amount change
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Length of dormant card activity
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Wireless alerts status (active or inactive)
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access to your Score Power reports (more on that in a moment)
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and your Customer Care contact information
Equifax then offers you three additional pages providing further details about the information summarized in your Equifax Score Watch Summary:
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Alerts - all current Equifax credit report and score alerts based on the alert preferences you set, sortable by date or type (Score Change, Dormant Card Activity, New Account, etc.). You can dig deeper into any Alert to learn one or more of the reasons for the change (whether negative or positive);
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What Your Score Means - Your FICO credit score charted in comparison with the rest of American consumers along with:
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The Bottom Line - how this score will affect your eligibility for different types of loans and the interest rates you're likely to qualify for;
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How Lenders See You - a chart comparing the rates of credit delinquency according to credit score, with yours highlighted and evaluated;
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Average Loan Rate Finder - an interactive calculator for estimating how a particular FICO score influences different types of loans (and in different states)
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How Can I Manage My Score - advice pertinent to your specific credit situation with a link to more general advice for all consumers
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Equifax Score Power - This is a separate Equifax product that generates a one-time report going into great depth in analyzing your FICO credit score at that particular moment in time. An Equifax Score Power Report includes:
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Top Positive Factors and Top Negative Factors influencing your score, explained in detail
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your complete Equifax Credit Report
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a FICO Score Simulator - or rather, a series of them, calculators for experimenting with different scenarios such as:
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Suggested Best Action - the #1 thing you can do right now to improve your score
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Pay Bills on Time - simulates your score based on paying your bills on time for the next 1 month, 3 months, 6 months, 12 months, 18 months, and 24 months
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Pay Down the Balances on All Your Credit Cards - simulates how your score might change if you pay a certain amount every month for a period of time or a flat amount one-time only
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Pay Down Delinquent Balances First - simulate how this one change in your payment schedule could change your score
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Seek New Credit - simulates different scenarios based on the type of credit and the credit limit
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Transfer Credit Balances - simulates what would happen if you consolidated your debt to one new card, depending on the credit limit
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Miss Payment - sets different scenarios whereby you default on up-to-date or past due accounts or if you declare bankruptcy
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"Max Out" Your Credit Cards - simulates the effects of this really bad idea
You'll get to experience Equifax Score Power twice for free with your Equifax Score Watch membership - once initially and one that you can save for later, after which you'll pay $14.95 for each addition Report you order. Each Equifax Score Power Report is viewable on the Equifax site for up to a year and does not update.
Equifax Score Watch costs $7.95 per month or $79.95 annually.
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