What to Expect from a Credit Monitoring Service

Due to concern about identity theft, many consumers are considering using a credit monitoring service. This type of service can prevent you from becoming one of over 8 million people every year that have their credit affected because of identity theft. While most people are very careful about how they use their credit cards and review their receipts and statements, credit monitoring is a full time job. The issue is that it can take several months before you realize that your identity has been stolen. The job of a credit monitoring service is to check your credit activity on a daily basis before the thief has an opportunity to defraud you over and over again.
Access to Personal Credit Information

A credit monitoring service should provide regular information about your credit activity. You should have the option of how often you want to receive these reports: daily, weekly or monthly. You should also have free access to your FICO credit scores from the three main credit bureaus: Experian, Equifax and TransUnion. Every consumer is entitled to one free report each year from each credit bureau, but your credit-monitoring firm should provide these to you on a regular basis.

Monitoring Your Credit Usage

A credit monitoring service should monitor your credit activity at the three major credit bureaus. Not all services monitor all three credit bureaus. This can be an issue to the consumer because not all credit related transactions are reported to all three bureaus. If incorrect information—or information that shows possible identity theft—is sent to a credit bureau not being monitored, your credit will be affected without your knowledge. It can take months, if not years, to catch this information and attempt to correct it. A top service is designed to catch errors quickly, giving you the opportunity to correct them before more damage is done to your credit standing.

Easy to Understand Information

An effective credit monitoring service will interpret and analyze the data it receives from the credit bureaus. It should then provide this information to you in an easy to read and understand format. Bunches of numbers and codes on a report do not help you if you do not understand their meanings or implications. Especially of importance if you are trying to improve your credit score, your credit monitoring service should tell you, in easy to understand language, what the report is saying.

If you are looking for a great credit monitoring service to protect your identity from theft, look into the services of Identity Guard.


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