The state of your credit depends on a variety of factors, including your use of all credit derivatives and loans, scams and all types of credit accounts you have, and even for how long are open. Any of these factors can negatively affect your credit rating and that’s why it’s so important to keep an eye on your credit report. Credit monitoring can help you do that.
What is credit monitoring?
Currently, not only do all our financial decisions affect our credit, but it affects our financial options. Your credit is a determining factor that governs whether you qualify for certain financial benefits and products. Loan approval, interest rates, leases and insurance premiums can all be greatly affected by your financial health. A credit monitoring service can help you manage your finances, keep track of your credit rating, make sure your credit accounts are all in order and even help you deal with fraud. If you frequently request copies of your credit report and credit rating from Equifax or TransUnion, monitoring your credit could be exactly what you need. Credit monitoring allows you to access your credit history, which means you can check your credit report regularly without having to request a new copy and pay other fees. Once you sign up for the service, you will have access to your own account where you will be able to view your credit report and receive alerts regarding your credit information.
- Helps you keep track of your credit rating
- Allows you to monitor all your credit accounts
- Keeps you informed when a new credit account is opened on your behalf
- Warns you when you miss a payment
- Inform you of any questions and changes regarding your credit
Credit monitoring and identity theft
It is wrong to think that a credit monitoring service can help prevent identity theft. However, such a service can help you react faster and help you manage the situation if someone tries to steal your identity.
Unfortunately, if a criminal intends to steal your identity, he will surely get there. Once new credit is requested on your behalf, the credit monitoring service will notify you. This can help you take immediate action and limit the damage that could be done. Such a service will also facilitate communication with the creditor in case of identity theft. You will also be able to access all the information from your creditors in one place.
Who should use a credit monitoring service?
Anyone who actively uses credit can use a credit monitoring service. Know that you must pay for this service. If that worries you, maybe it’s not a good service for you. While everyone can benefit from credit monitoring, it can be even more beneficial for some.
- If you are very concerned about identity theft and are looking to protect yourself.
- If you need help keeping track of your credit accounts.
- If you are looking to improve your credit rating.
Credit monitoring is a great financial tool that can help you reach your financial goals, get back on track after a bad time, and even alert you to suspicious activity.