Update: If you are looking to receive your free credit report and free credit monitoring, we highly recommend CreditKarma, which gives you your truly free credit score with no hidden fees. Since the service is completely free no credit card is required, unlike many of the other “free” credit score offers out there. The video below shows you how we were able to get our credit score in less than two minutes.
Credit Sesame claims to offer unbiased advice based on your unique financial situation. The site sifts through a multitude of loans available to you and chooses one that fits your needs and finances. You pay nothing out of pocket to use the service; Credit Sesame makes money if you apply for and are approved for a loan from one of their partners.
I signed up for free to check out their claims (You can sign up for a free account here). The process was quick and painless. In just a few moments I had filled out all of the needed information- name, address, annual income, and of course, my social security number. Credit Sesame uses the VeriSign Security System, so I felt safe providing this information. If you have a common name you may be asked to verify certain identifying items from your credit report such as:
- Current or previous car
- Current mortgage company
- Current or previous employer
Within minutes I had access to my personal page. Credit Sesame’s system pulled my credit information from Experian (one of the three credit reporting agencies in the United States) and my credit score was instantly available. I was impressed by this, considering all of the ‘free credit report’ companies that are hardly ever free. Most require you to sign up for another service and provide a credit card. Not so with Credit Sesame. That is a plus for anyone that needs to keep tabs on their credit score (everyone!).
I was able to see my credit to debt ratio on a separate tab and also a pie chart. This is a helpful tool for those that enjoy a visual representation of their finances. You can see just how your revolving open credit compares to what you have in debt at a glance. Another tab allows you to see all of the debt you may have accumulated from your credit report, along with options to edit. This option makes it easy to find any outstanding debt, make payments, and edit as the payments are made. Perfect for someone that is just beginning to dig their way out of debt. You can keep track of every payment, every debt, every time.
The site also monitors the money market and spending trends. From the Credit Sesame blog you can keep up with financial news, find debt optimization tips, and advice on saving money in all areas of your life. Along with this monitoring, your credit report and score is also monitored, again for free, and you will receive email alerts if there are any changes to your information.
Something unique to Credit Sesame is the ‘What If’ calculator. If you have ever wondered what your financial life would be like if you had better credit, this neat little tool is fun to use. You can enter a better credit score, a higher income, or home value then watch the changes. Not only something fun to play with, but an inspirational device!
In a nutshell, I really enjoyed exploring Credit Sesame and feel that it is a finance managing website that will be on par with Mint.com shortly. Each site has great features and I believe that both will be beneficial to anyone in need of debt consolidation. Even if you have no debt, the free credit monitoring offered by Credit Sesame is beneficial in combating identity theft and that’s something everyone can appreciate.