Image Credit: CreditVerify.ca
Keeping an eye on your credit score is a smart move if you’re worried about your finances. One service that you can use to monitor and improve your credit score is Credit Verify. It provides plenty of credit monitoring services like generating credit reports, providing identity theft protection, and financial guidance. But we still have to find out whether or not it is the best option for you.
In this review, we’ll dive into what Credit Verify brings to the table, how it rises above other credit monitoring services (e.g. Borrowell), and whether it’s worth your time and money.
Quick Overview
Credit Verify (www.creditverify.ca) is a subscription-based credit monitoring service designed to keep you updated on your credit score and track any major changes that might impact your financial standing. It alerts users about possible identity theft issues and sends notifications if there’s any unauthorized access to their data. So, with real-time updates and expert insights, Credit Verify helps everyone to stay on top of their credit score, ensuring they maintain strong and healthy credit.
Here’s some key information about Credit Verify:
- Official Name: Credit Verify
- Website: www.creditverify.ca
- Phone Number: 1-866-899-3175
- TrustPilot Reviews: 1.4/5 Stars (300+ reviews)
- Location: Squamish, British Columbia
Reviews & Ratings
In all honesty, this service doesn’t have the greatest reviews, so do your due diligence when dealing with them. If good reviews are important for you, we recommend looking at Borrowell instead, which is a similar service, but with a much better review profile.
- TrustPilot: 1.4/5 stars (377 negative reviews)
- Facebook: 1/5 stars (4 reviews)
- Reddit: generally bad reviews from redditors due to the hidden fees that Credit Verify charges (See this thread, this one, and this one.)
Credit Verify doesn’t have the best ratings on TrustPilot, mainly due to their fees.
Can Credit Verify Help You Keep Track of Your Credit Health?
Absolutely! Credit Verify offers a credit monitoring service that delivers regular updates on your credit score on a convenient interface. Since it offers a range of helpful features, Credit Verify is designed to help you understand your credit report, stay updated on your credit score, and get instant alerts when even the slightest thing changes in your credit profile. Here’s a quick look at what they offer:
- Credit Score Monitoring: One of the most amazing features is its real-time credit score monitoring. This means you can easily track your credit score and get alerts when there’s any change (like a sudden drop or improvement). Plus, you can also get a detailed insight into what elements affect your score.
- Credit Reports: You can access your credit reports from major bureaus anytime. This allows you to review your credit history.
- Identity Theft Protection: This is yet another useful feature that Credit Verify offers in their package. The service keeps an eye on your info for you and sends alerts ASAP if there’s any suspicious activity. This feature keeps your data safe from identity theft.
- Financial Education Resources: Users are provided with a library of financial education material that is meant to help them make better financial decisions.
- Customer Support: Telephone, email and live chat assistance is provided to customers as a service. Their support team is really polite and is willing to help whenever there are some issues to be fixed.
Pros and Cons of Using Credit Verify
As with any other service, Credit Verify has some pros and cons. Some of them are discussed below:
Pros:
- Comprehensive Credit Monitoring: Credit Verify monitors your credit status and notifies you in cases of any new changes so that you can take action to ensure you have a good status. This feature will be very beneficial for those who like to monitor their credit score on a frequent basis.
- User-Friendly Platform: The platform is easy to use and does not require you to be tech-savvy in order to benefit from the services.
- Educational Resources: Credit Verify offers users a library of educational materials.
- Debt Management Insights: Not only do they keep a record of your debt profile, they also offer suggestions on how to handle your loans in a better way.
Cons:
- Subscription Fees: An important aspect of Credit Verify is that it works on a subscription basis & users must pay to access the services. Many users, primarily those who are new to Canada, seek out free credit monitoring services. There are other companies like Credit Karma and Borrowell that would be more appealing to those users as they provide free credit monitoring services as well.
- Limited Credit Bureau Reports: Some users have pointed out that Credit Verify only offers reports from certain credit bureaus, which may not be sufficient.
Customer Reviews and Feedback
Despite the company’s comprehensive offerings, the company ranks low in terms of customer satisfaction. Credit Verify has 377 reviews on Trustpilot with an average rating of 1.4. While some users appreciate the quick access to their credit scores, other users have mentioned several concerns in the reviews online. The main complaints are regarding the billing practices, the hidden costs, and the difficult process of unsubscribing from a service. Overall, CreditVerify.ca has mixed reviews, with positive feedback on ease of use but frequent frustration over pricing transparency and customer support.
Is Credit Verify Right for You?
Whether Credit Verify is a good option for you or not will depend on what you are looking for. If you require credit monitoring, identity theft protection service, and debt analysis, then this might be the right service for you. However, if you are only looking to get credit reports occasionally free of cost, you might want to explore other options that better align with your needs.
Saqib has a Masters Degree from Wilfrid Laurier University in Ottawa. He has a robust background in accounting and finance. Mohammed started his career three years ago working as an investment analyst at a sell-side firm. He has extensively covered publicly-listed companies using fundamental analysis as the cornerstone of his approach. Mohammed has been published on SeekingAlpha, InvesorPlace, Yahoo! Finance and others.
