A Credit Monitoring Service Is A Great Tool To Protect You And Your Credit Rating
A credit monitoring service is an excellent tool to assist you in managing your credit and protecting yourself against identity theft and fraud.
So, you don’t think you need a service to monitor your credit activity? Well, think again, here are some facts that might make you change your mind:
- the fastest growing crime in America today is identity theft.
- last year alone, 9.9 million people became victims.
- it takes on average about 12 months for a victim of identity theft to notice the crime.
These are some very disturbing facts, but the good news is, you have access to very powerful services know as credit monitoring. These services allow you to monitor your credit report on a regular basis to detect any transactions that are not yours and to stop identity theft and fraud before it gets out of hand and seriously damages your credit rating. Your credit report is your financial resume, and it is your responsibility to make sure it represents you accurately. Remember that the major credit bureaus do not share information, so make sure to review and monitor your reports with each of them, TransUnion, Equifax and Experian.
Another reason to use credit monitoring services is to make sure the information the lenders and creditors have reported them accurately. It has been reported that as high as 50% of credit bureau reports contain errors. These errors may be prohibiting you from the loan, mortgage or credit card you are seeking, or you may be penalized with a higher rate of interest due to derogatory information resulting in a lower credit score on your report. So, to ensure you are getting all the credit you desire and at the best rate of interest, you will want to enlist in a service that monitors your credit so you can keep track of all your credit activity.
Services that offer you to monitor your credit have many different features. You will want to review each of the different service providers before you purchase the monitoring service. Some will give you unlimited access to a new credit report online and others only offer you a new one every quarter. Another good tip is to look for a service that provides you information from all 3 of the major credit reporting agencies, Equifax, Experian and TransUnion, and it is always a good idea to have your credit score included. All the credit monitoring services provide you with great tips and information on credit and some provide you with a free trial to monitor your credit first before buying. So, do your due diligence and purchase the best service that fits your needs to monitor your credit wisely.
Related Resources and Articles
A Glossary of Credit Monitoring Terms & Definitions
How Credit Monitoring Works
Protecting Yourself Against Identity Theft
Credit Monitoring Services
