Back to blog

5-Minute Guide to Credit Monitoring

Posted on 2016-03-31 09:00:39

Happy smiling woman pointing to somethingBack in the old days credit decisions were based on a relationship or a creditor’s feelings. Now, it’s your credit report. Creditors may look at your actual credit report or at the credit score calculated based on the information in your credit report. Either way, credit decisions are more black and white than they used to be. That makes an accurate credit report—one that is telling the right story—so important. A credit monitoring service can handle the challenging task of keeping tabs on that important financial document – your credit report. Credit monitoring helps you maintain an accurate credit report. The worst mistake on your credit report is the one you don’t know about. With credit monitoring you will know about important changes as they happen, putting you in a position to take swift action. Some of the activity a credit monitoring service looks for includes: • New accounts opened • New public records • Changes to public records • Changes to account information • Inquiries to your credit file • Address changes Credit monitoring alerts you to signs of identity theft. While credit monitoring cannot prevent identity theft (nor can anything else!), the kind of changes a credit monitoring service looks for on your credit report are the very things that could signal identity theft in progress. Credit monitoring puts time on your side when signs of identity theft show up on your credit report.

See Your Credit Score Now
Credit monitoring alerts you to who has viewed your report. Creditors, employers, landlords and other business entities may have a legal and legitimate right to view your credit report. And you have a right to know when they do. Those looks, called inquiries, can have a negative impact on your credit and credit score. Credit monitoring alerts you whenever a hard inquiry that could impact your credit score is added to your credit report. Credit monitoring is convenient. Credit monitoring helps you keep a watchful eye on your credit. While ordering credit reports throughout the year is better than nothing, it offers limited protection because your credit report is a snapshot of your credit at a particular moment in time. A credit monitoring service is on call every day. It frees you up to go about your life without neglecting your credit report. Credit monitoring can save you money. Sure, there’s a cost to credit monitoring. But when that is weighed against the benefit of having an accurate credit report, it could save you money. Even minor credit report errors can be enough to bump you into a higher interest rate tier that could affect your payments for years. An accurate credit report is important to ensure you aren’t paying for someone else’s mistake.
Improve Your Credit Score. Free Consultation. Proven Results. (877) 882-2256