Here’s a little pop quiz for you: how important is your credit score really? Many consumers know that their credit score plays some role in their finances, but they’re a little shaky on the details. Your credit is a major deciding factor for anything to do with your money. This number is what banks consider before they issue an auto loan or a mortgage. Even credit card companies won’t issue a card to someone who can’t be trusted to pay it back.
As important as your credit score is, most consumers still feel like they don’t have access to this pertinent detail of their financial lives.
Not anymore.
Now, you can gain access to your credit score through a completely free program known as Credit Sesame. This company is joining others who have revolutionized the financial industry by making this once-top-secret piece of information easily accessible to everyone.
Unfortunately, consumers are still a little wary of what Credit Sesame is actually offering them. They may have been burned in the past by companies that promised a “free” credit score and subsequently charged them months later. It’s even possible that they aren’t sure whether Credit Sesame actually provides accurate information.
We’re here to help you make a better decision about what Credit Sesame can offer to you. Is it a legitimate company and is it really free? Find out more in the sections below!
What is Credit Sesame?
Credit Sesame is exactly what it promises to be: a website that gives consumers access to their credit score completely free of charge. This isn’t a special-time promotion or an advertising gimmick. Free credit scores are the prime feature that Credit Sesame is offering up to consumers. This website provides you with the perfect opportunity to start seizing some control over your personal finances.
Unlike other companies that claim to be free but charge you somewhere down the line, Credit Sesame actually has no way to charge. You can get your credit score through their page without ever entering your credit card information.
It almost sounds too good to be true, but it isn’t.
Credit Sesame is also known for offering additional services that can be beneficial for you in the long run. This is all complete with your free account, but it’s a major part of why Credit Sesame happens to be one of the industry leaders:
- Free credit scores each month
- Daily monitoring for credit report changes
- Free identity theft protection
- Real-time monitoring and alerts
- Insights to help improve your credit score
- Consolidation of information about debts and loans in one report
- Monitor your financial progress over time
How Does Credit Sesame Have My Credit Score?
Understanding how credit scores are calculated can be rather tricky. There are several different versions available based on which credit bureau is being monitored. Lenders will most often use the FICO score to determine loan eligibility.
Unfortunately, Credit Sesame provides a slightly different version of your credit score than what most lenders will be reviewing. The free version of your score is based on the TransUnion VantageScore. Much like your FICO score, it takes into account five key areas when it reviews your TransUnion report:
- Credit inquiries
- Account mix
- Credit age
- Credit utilization
- Payment history
The numbers on this report may not match what your lender will see, but it can still give you a great snapshot of your finances. Are you headed in the right direction? How much progress are you really making? Their monthly monitoring can help you to determine the answers to your key questions regarding long-term financial stability.
Can Credit Sesame Help Me Improve My Credit Score?
The answer is a resounding yes – Credit Sesame can definitely help you to improve your overall credit score!
The company is able to get away with giving you a glimpse at your credit score for one simple reason: they are able to make up for that cost elsewhere. After you receive your information, Credit Sesame is going to show you a selection of services or products that can help to improve your financial snapshot.
The specific products you’re offered are based on the information they find in your report and any financial goals you set on your profile. Each account is completely customized to offer you the services you need most. They also use a patented formula to help determine if you are actually eligible for these products in advance. Credit Sesame saves you the frustration of applying for a new credit card or loan only to be denied moments later.
Every time a new offer arrives, they will notify you that you could be eligible to save more money or time with this new program.
When you opt to sign up for one of these services or products, Credit Sesame earns a small bonus from the companies they advertise. They make a little bit of money for providing a much-needed service to the market and you can improve your credit score at the same time. It seems like a win-win situation for everyone.
Should I Sign Up for Credit Sesame?
All consumers should consider signing up for Credit Sesame. Their free membership poses absolutely no risk to you, particularly because they never collect your payment information. Even if it isn’t the most popular credit score variation used, it can still give you a more accurate picture of your overall finances.
Worried that looking at your credit score may cause it to plummet? Have no fear because Credit Sesame only uses a soft inquiry. This doesn’t blemish your credit score the same way as a hard inquiry. You can check to see where you stand even if you know that you’re applying for a new loan or credit card in the coming months.
Don’t allow your finances to go untended to over the years. As a consumer, you can start to take back some of your power and build a firm financial future. Educate yourself using free tools to improve your credit at Credit Sesame.