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American Express is upgrading its credit management tools so cardholders can better manage their credit score and stay protected against credit theft. MyCredit Guide and CreditSecure are both getting a boost. Here are the details of the improvements and how cardholders will be affected.
MyCredit Guide
Many cardholders want to improve their credit score and take better control of their finances. To help with this, the MyCredit Guide will provide an Experian FICO Score 8 (instead of the current TransUnion VantageScore 3.0) and an Experian credit report (instead of TransUnion).
The new FICO Score Planner (formerly Score Goals) and FICO Score Simulator features will help users work towards improving their credit scores and understand how certain actions may impact their financial health. Note that you'll need to set a new credit score goal in the new FICO Score Planner — even if you currently have a credit score goal in Score Goals.
The MyCredit Guide interface is also getting an upgrade with a new design, improved features for visualizing and monitoring goals and progress, and more financial education resources.
Not understanding the terminology or the ins and outs of finance is a major hindrance to financial management, and these improvements should help users better their financial standing.
CreditSecure
CreditSecure is a monthly credit and identity monitoring and fraud protection service for American Express cardholders. On November 2, 2023, several new features became available for customers to help better protect their personal information online.
First is the Online Privacy Manager. This program scans and monitors over 30 people-finder sites and helps to remove personal information. Next, Social Media Monitoring alerts customers if their social media content might contain privacy and reputational risks. The program also gives customers information on how to reduce risk on social media. Members have the option to enroll in both of these programs after joining CreditSecure.
CreditSecure members will have coverage up to $1,000,000 for certain out-of-pocket expenses associated with restoring their stolen identity. This is underwritten and administered by American Bankers Company of Florida, an Assurant Company. Some coverage could vary depending on the jurisdiction, so check the policy's terms and conditions to see if it's right for you.
Finally, there are two more credit tools for financial accounts. Financial Account Takeover alerts customers of financial account fraud and activity on checking, savings, IRA, and CD accounts. Dormant Account Alerts notifies customers when an account on their Experian credit report becomes active after a six-month history of zero balance.
Concurrent with these upgrades on November 2, the monthly membership fee for CreditSecure increased from $16.99 to $19.99.
Our Take
I'm a big proponent of a better understanding of financial management and helping others get out of debt. These new American Express credit tools are a great benefit for Amex cardholders. Not everyone will need or want to pay monthly for CreditSecure, but everyone should take advantage of the free MyCredit Guide tools.
Looking for more advice on healthy credit and credit scores? Consult the following:
- A Beginner's Guide to Building Healthy Credit
- Tips for Managing Your Credit Score
- Access to a Free Weekly Credit Report Is Now Permanent
Will you take advantage of these American Express credit tools?
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