August 25, 2015

Improve Credit Scores via Credit Score Monitoring – Is it Sound?

Because derogatory information can remain on a credit report for up to ten years, most Americans must work to overcome poor credit scores.  Fortunately, with time scores do eventually improve.  Credit score monitoring can speed the credit rebuilding process along if either identity theft, or inaccurate credit reporting has affected your credit scores.  By regularly monitoring changes in your credit profile, you’ll be alerted to security breeches and reporting errors before they can lower scores.

Get Credit Protection By Monitoring The 3 Credit Bureaus

Each of the three credit bureaus that collect data from data providers on American consumer accounts handles millions of pieces of personal information every day.  Thousands of financial providers, retail stores, and service-related industries, such as cell phone companies report activity on consumer accounts to bureaus every day.  This information must be transferred to an individual credit file, which is used to create a consumer credit report.  Because of the sheer volume of information handled by data providers, credit bureaus, and data subscribers, there is some margin of error involved in credit reporting in general. 

According to the Federal Trade Commission, identity theft tops the list of complaints received from consumers in the nation this past year, www.consumer.ftc.gov. Information theft through security breeches in computer networks happens in this country every day.  Thieves, once content to steal individual account passwords through old fashioned, “computer hacking”, have gotten greedier and savvier throughout the years. 

Now, entire databases are sometimes stolen from medical facilities, government agencies, banks, and credit unions.  With them, thousands of personal account numbers, Social Security numbers and other identifying information is at risk for use by identity thieves.

How To Improve Credit Score Fast–Fix Credit Score Inaccuracies

Improving credit score ratings has never been easier.  In fact, there’s no quicker way to increase credit scores than to correct misinformation and errors in credit reports.  Through daily vigilant credit monitoring, consumers know immediately when cyber intruders have violated credit accounts.  Good credit monitoring systems notify consumers either by text or email of any suspicious credit activity including applications for credit where credit bureaus have been notified, or unusual use by individuals occurs.  In many cases, consumers aren’t aware of identity theft until accounts are already opened without their knowledge, or used to purchase services or merchandise.  With Credit monitoring in place, consumers can stop thieves before they get too far and damage credit score ratings for years to come.

Credit Monitoring Advantages–How To Increase Credit Score

Once consumers discover unauthorized use of their credit accounts they can take steps to reverse the negative effects of this through enhanced credit monitoring services.  Besides scanning for changes in credit bureau reports, many companies assist consumers with a number of issues after identity theft has occurred.  These include helping people contact credit bureaus and creditors to notify them of the crime and ensuring that any derogatory credit history is permanently removed. 

Continue To Improve Credit Score Through Follow Up

Monitoring services also offer consumers periodic credit reports and credit scores to continue to make sure unwanted information does not impact a credit profile.  Many services also provide theft insurance for consumers in the event of an occurrence where consumers may be forced to incur financial damages.

Don’t let the fear of identity theft or errors in your credit file stop you from enjoying the financial freedom you deserve.  By monitoring your credit daily your credit reputation will be protected and you’ll have the best opportunities for loans, credit cards and mortgages from a wide range of lenders.  Your credit profile is so much more than just a collection of credit information.  Learn more about the benefits of credit monitoring today!