In a world where credit bureaus update over 1 billion accounts each month, and handle more than 600 million credit files, is it any wonder that 1 in 5 consumer credit reports contain errors? And that’s not all. According to the latest online survey (Harris Poll 2018) nearly 60 million Americans have been affected by identity theft to date. Statistically speaking, the need for credit monitoring services has never been greater. Considering the importance of maintaining a good credit rating for purchases, employment, and insurance, why wouldn’t you explore credit monitoring?
Choosing The Best Credit Monitoring Service
Learning what to look for in a credit monitoring company is an important first step toward ensuring your credit accounts are accurate and your personal information is secure. While many companies offer a variety of services and monitoring packages, there a few basic things that a good service will offer.
1. Monitoring of all three major credit bureaus, Equifax, Experian, and Transunion. It doesn’t do much good to pay for single service credit monitoring if your lender only reports information to the other two.
2. Round-the-clock monitoring, 365 days a year. Thieves don’t take the day off and neither should your credit monitoring service.
3. Immediate alerts that indicate unusual changes in your credit profile and breaches of security in accounts. If someone opens an account using your Social Security number, you’d better know about it immediately, or untangling the mess they make could take months or years. While the majority of consumers are not generally held responsible for debt procured through false or fraudulent means by another, the time it takes to resolve these situations and the stress and inaccessibility to accounts can be taxing.
4. Monitoring of inactive credit accounts. These are some of the most vulnerable credit accounts since thieves reason that consumers will be less likely to check monthly statements. Most of us never think of “zero balance” credit card accounts that have gone dormant over time, but a good credit monitoring service should.
5. Monitoring sites that may contain personal consumer information such as public records, search engines, and directories. These are treasure troves of information for people looking to make large purchases quickly using fake identification and credit cards.
6. Detecting inaccurate information added to your credit profile by mistake. Many of us don’t discover these things until we apply for credit and are denied. A credit profile that contains erroneous creditor information that an account was paid late will certainly affect the ability of the consumer to borrow money.
With five percent of consumer credit reports inaccurate enough to affect interest rates on credit, why take the chance that one of them could be yours? Only credit monitoring services can check your credit profile daily to ensure the information that represents you is accurate and without compromise.
Don’t Let These 6 Credit Reporting Myths Prevent You from Protecting Yourself & Your Good Name
Credit monitoring is one of the most misunderstood areas of consumer credit management. Many people don’t realize both the benefits and the limitations of credit monitoring services. Each of the major credit bureaus, Equifax, Experian, and Transunion offer monitoring services on consumer credit reports, as well as private credit monitoring companies. With so much misinformation available about credit monitoring services and products, it’s important to learn the truth about this area of personal finance.