Should You Invest in a Credit Monitoring Service?

The world has become fast moving and technologically advanced beyond our wildest dreams. While this makes many tasks incredibly easy. It also introduces new risks into our lives. Ten years ago we couldn’t pay our bills online, check our bank accounts from our phones or transfer money between accounts with the simple click of a button. Technology has made that possible.

It’s also made it significantly easier for people to steal our identities. A stolen identity can mean credit is given in our name to someone else – they can completely assume your identity. You can imagine the trouble this causes. If you want to obtain credit, apply for a job or even refinance you already have can become impossible. Credit monitoring can ensure that if your identity is ever stolen, you can nip it in the bud before it becomes a nightmare of a problem.

What Is A Credit Monitoring Service?

Credit monitoring is essentially a service that monitors your credit reports with the three reporting agencies and alerts you when any action is taken. The three credit reporting agencies are:

  • Experian
  • Equifax
  • Transunion

A credit monitoring service generally offers their service on a monthly basis. Users pay a subscription and are alerted any time there is a change in their history. This change can come from someone applying for credit and a lender checks your credit. Other incidents that would motivate an alert might include delinquencies, employment changes and new accounts.

Why Is A Credit Monitoring Service Beneficial?

Unfortunately, identity theft is on the rise. Millions of Americans fall prey to identity thieves each year. And to add insult to injury, according to the U.S. Federal Trade Commission, it takes an average of 12 months for an identity theft victim to notice the crime. A lot of damage can be inflicted on a credit history and score in 12 months.

Credit monitoring helps individuals stay on top of their credit reports and history. This can save you years of headache and heartache as you try to clean up a credit history you had nothing to do with.

And if someone steals your identity and you catch them within the first few months, you’re most often not responsible for the damage incurred. It’s much easier to turn your credit history around if you catch it quickly. Credit monitoring means you can catch any identity theft issues right away.
How To Find A Credit Monitoring Service

Because of the high incidence of identity theft, companies including the three credit reporting agencies have stepped up and there are a number of options to choose from. You can contact any credit reporting agency and request monitoring service or you can do a quick search online and come up with many services to compare.

How To Compare Credit Monitoring Services?

Each credit monitoring service will offer a number of features. The most important feature that makes credit monitoring worthwhile is to make sure all three credit reporting agencies are monitored.

Other potential features include:

  • Lost wallet protection – they help you manage the calls and tasks associated with a lost wallet.
  • Insurance
  • Fraud resolution assistance
  • Covered lost wages

And of course you’ll want to compare price. In general, the price of a credit monitoring service is quite low and well worth the convenience and protection.

It makes good sense to look into hiring a credit monitoring service. It’s an easy way to stay on top of your credit history and protect your identity. Most credit monitoring services offer a free initial trial of their services after comparing price and features you can make sure the service you’ve chosen is right for you. Look into credit monitoring today and rest easy knowing your future is protected.

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