You might have heard great things about Mint Credit Monitoring or terrible things, depending on where you’re getting your information.
In this Mint Credit Monitoring review, we’ll dispel the myths and lay out the facts. Afterall, education is the key to managing your personal finances.
So let’s start with the basics:
What is Mint Credit Monitor?
Mint Credit Monitoring is credit monitoring software created by Intuit, the makers of TurboTax, Quickbooks, ProConnect, and Mint. In addition to integration with Mint, they also offer a variety of credit tracking and analysis features.
They offer both free and paid services. Depending on the version, you will receive either monthly or quarterly updates based on the Equifax Risk Score (non FICO).
How Much Does Mint Credit Monitor Cost?
The free version is very limited and is called Mint Credit Score.
The paid version of Mint Credit Monitor is $16.99/month. This puts it on the lower end of the paid credit monitoring price range. For everything it offers, this is a decent value.
Let’s dive deeper into what is available in each version.
Our Mint Credit Monitor Review
Mint Credit Score provides updates your Equifax credit score on a quarterly basis and provides it directly in the Mint app. It also monitors your Equifax credit report and alerts you to any changes via email.
Full Version Features
The full version, Mint Credit Monitor, takes things a step further. Instead, your Equifax score updates every month and Mint monitors your credit reports at all three bureaus.
The Equifax Risk Score they provide is a proprietary score created by Equifax. It is considered an “educational score”. While it will provide an approximation of how lenders may view you, this score is not a FICO score and isn’t actually used by lenders themselves.
However, when you purchase the full version, you are also provided with your Equifax Credit Report on a monthly basis and Equifax 3-Bureau Credit Report and Credit Scores annually. These are still Equifax generated, but can serve to make the picture clearer. Plus, you get an Equifax Score Tracker feature.
They also provide several add-ons that help increase overall value.
Like most credit monitoring services, Mint provides you with info an in-depth look at the factors affecting your scores. They also provide your score calculators and comparison tools so that you can simulate how different actions might affect the way lenders view you.
They also throw in ID monitoring and provide you with what they call an Identity Threat Score. These features are pretty basic as far as identity protection goes but they are a nice value add to Mint Credit Monitor.
A Word of Caution
When we looked at this program, we found a lot of complaints about the signup process. It sounds like customers have had a hard time canceling their service once they sign up for the paid version.
It also turns out that the free version is only offered on a trial basis, though this is not found on the main sign up page. You will have to cancel the service by phone even if you want to try out the free version on its own.
Read the Terms and Conditions before you sign up and you won’t be surprised by any of this. But many customers were (and you can read their complaints here).
Of the complaints we came across, almost all of them came from people looking to take advantage of the free version as opposed to the paid one.
Overall, Mint Credit Monitor is a good option for those looking to keep track of their credit worthiness on a budget. If you care about your personal finances, a service like this is an invaluable tool.
However, there are certainly better free options available. In fact, many banks and credit card companies now offer free credit score with a consumer credit card account. Discover even offers a free FICO 8 score without any strings attached.
There are also more comprehensive credit monitoring options than the paid version of Mint Credit Monitor, if you have the budget for them. That’s why we only recommend Mint Credit Monitor as a budget or take-a-peek-and-cancel option.
If you’re interested, you can sign up here.