Explaining our free service and other FAQs

Recently, we announced free credit monitoring as part of our myTruston service. We did so because after the massive data breach at the VA, the government looked set to spend billions of dollars to provide credit monitoring and other credit services. We wanted to let you know there is an alternative.

After some thought, however, it occurred to us that calling our service “free credit monitoring” might be misleading. So we decided to use a different term: credit inspecting. I was unsure at first if we wanted to invent a new term, but not only is our service different, in some ways, it is better than credit monitoring (read why below). Here are answers to some frequently asked questions.

Q. What is MyTruston?
A. myTruston is a web-based service that provides free credit inspecting and premium (pay for) ID theft recovery services. It is unique because:

1. It does not require any sensitive personal information.
2. Credit inspecting is free.
3. It is available 24/7/365 over the web.

Q. Wait a second, I thought you said it was free credit monitoring?
A. Yes, we did call it that initially. However, we feel that our credit inspecting service provides some distinct advantages to and differences from conventional credit monitoring and we didn't want to confuse anyone. So we now use a term that we feel better reflects what it does.

Q. What is Truston all about?  
A. Truston’s mission comes from my personal experiences as an ID theft victim counselor: help people deal with identity theft without putting their personal information at risk. So we offer free credit inspecting and make a business by providing premium recovery services.

Q. Why are you offering credit inspecting for free?
A. So we can help veterans, military and anyone else concerned about ID theft. We will also offer a premium service for helping folks recover when they find problems.

Q. You say it is free, but are there any additional charges? 
A. The credit inspecting is truly free—no credit card will be required to sign up and use it. And we won't charge you in the future.

Q. When will it be available?
A. MyTruston will be available in the third quarter this year. Sign up here for a chance to try it before the general public.

Q. How much will it cost?
A. We are still working on the pricing, but we think we’ll have a menu like pricing with a different cost for each service. If you have any suggestions on how to price the premium services, send me an email (my address is on the left sidebar).

Q. How can I learn more?
A. We will publish more details here on this blog in the near future. Stay tuned. 

Update: On 7/14 I added the How much will it cost? question.

Q. What is it? How does it work?
A. You use myTruston over the web. Our free credit inspecting service takes advantage of your right to see your credit file at the three consumer credit reporting companies. For instance, to use our free credit inspecting, you will visit myTruston.com, select "credit inspecting," enter your email address, and you begin immediately (no credit card needed.) It selects the credit bureaus (Equifax, TransUnion, or Experian) for you one at a time. It guides you step by step through the process, helping you inspect your credit file. MyTruston tells you when you should receive your credit reports and other important correspondence and when to follow up. It also provides a detailed guide to help you understand your credit data. If a problem is found, we will give you the option of a simple transition over to our premium recovery services.

Q. Is your credit inspecting as thorough as traditional credit monitoring?
A. The conventional credit monitoring services are good, but you should understand the pros and cons.

1. They typically don't update the data they are monitoring as regularly as you think. So you might not receive an alert for several weeks after a change to your credit file.


2. With credit monitoring, you have to hand over lots of confidential information. With MyTruston there is no exchange of sensitive personal data—lots of people tell us they prefer that.


3. We empower people to see credit file information and help you understand it. Traditional credit monitoring just sends you a vague message.

Q. Does your new credit inspecting service really provide value?
A. We think so. As a victim counselor I found that the process of credit monitoring can be confusing for people. Our free credit inspecting service provides value by telling users what to do, how to do it and reminds them when to follow up. For example, it delivers value in several ways.

1. Dozens of companies offer "free" credit products that are not actually free. We refer you to the only organization authorized to provide your free annual credit report, Central Source LLC (a joint venture of the credit bureaus). 


2. We give users specific directions on how to order credit information on the web, by telephone, or by mail. We also warn you that ordering it online may mean giving up your privacy—few people know that. 


3. We provide detailed instructions on how to read your credit report and look for problems. 


4. We automatically deliver an ongoing cycle, alternating a credit report from one of the three credit reporting agencies every four months, so you are continuously checking. 


5. We take away the hassles of remembering when to follow up, sending email reminders when you should have received the reports and when it is time for the next step.


6. MyTruston automatically maintains a log of everything you've done, which can be very valuable.

Q. What do you hope to gain from offering this free service?
A. To provide peace of mind without putting your information at further risk, and make a business by offering premium recovery services. We feel the alternatives are too risky and expensive. They all require you to submit your sensitive personal data. And they cost as much as $150 a year, with the goal of locking you in for many years.

Q. Is there a limit to how often you can use it?
A. No, you can log in as often as you like.

Q. Will using it affect my credit score in any way?
A.  No. Just using our credit inspecting service will not affect your credit score.

Any other thoughts? Send me an email or post a comment.