How Can You Avail Credit Monitoring Services?

The three credit bureaus provide you with an annual credit report. But is it really that helpful? Though steps are taken time and again to inform the consumers about the importance of credit monitoring, not many of them actually do it. This has led to increase in identity thefts, which is now a major epidemic in America.

credit monitoring services

When you receive your credit report, check the details and if you find errors like wrong present address, numerous inquiries that you have not authorized, financial transactions that you have not made and outstanding debts or loans which you have not availed, then you can dispute these errors and lodge a complaint with the credit bureaus for identity theft. These errors are indicative of your identity being stolen. If you monitor your credit report frequently then these kinds of errors and identity theft can be avoided.

However, when consumers get a copy of their free credit report once a year, they forget the transactions made by them throughout the year and are thereby unable to catch many errors when they check their credit report. Hence, it is essential that the report be checked at least once a month. The benefits of this are:

  • The financial transactions that you made in the previous month will be fresh in your mind and you can immediately verify the accuracy of the entries.
  • You will be alert for any identity theft or frauds.

If you find that you are unable to monitor your credit report yourself, you can hire a company that can do the job for you. Many companies offer a package of credit report, credit score, Identity theft alert and credit monitoring services.

Credit monitoring is when each and every entry on your credit report is tracked. A day-to-day credit monitoring is set up so that when there are changes in the report due to purchases, payments or availing of loans, you can immediately be alerted to the fact.

Credit monitoring is also a necessary tool to prevent identity theft. When you track each and every change of the credit report and keep getting updated information, identity theft can be prevented to a large extent. You can easily and immediately segregate between the financial transactions made by you and those not made by you.

It is a wise move to set up credit monitoring in place as a safety measure. While choosing a credit monitoring firm, ensure that the services provided by it are comprehensive and explain the report and credit scores in detail. These firms also elaborately explain the services provided by them.