Credit Score Range

The problem with credit scores is that they are troublesome to monitor in the long run. Even spending the time and effort of checking credit online is a luxury that some people cannot afford, especially when they are constantly on the go and need to pull out their credit history while out on the road.

This is where phone apps come in.

Companies like Credit Sesame has just announced the first-ever iPhone app that gives consumers instant and free access to their credit score and bank level analytics to make smart credit, loan and mortgage decisions.¹.

This is a pretty useful tool for those that want to show their scores on the go, like rental hunters or loan applicants. Credit monitoring on the phone can also be useful for those looking to rebuild their credit scores, as they will have a more accessible method of keeping track of the effects of their spending habits.

But not everything is all unicorns and rainbows.

One of the biggest problems with these phone apps is leaking your credit details to people who you don’t want to share them with. A carelessly misplaced phone can easily be picked up by anyone in the room; giving them access to your personal and credit-related details in the process.

And then there’s the risk of losing your phone or getting it stolen, which is dangerous for obvious reasons.

So let’s recap: phone apps are great for accessing and monitoring credit, but can pose a security risk if improperly handled. The decision will be up to you after weighing the pros and the cons, but here’s my two cents: get credit monitoring on your phone only if you absolutely need to monitor your score on the go.

If you have regular access to your home computer and know how to keep it secure, then it would be best if you leave your credit score checking for when you get home.

1. Source: PR Newswire [↩]