A credit monitoring service will allow a consumer to keep track of their credit reports and ratings. The service will monitor the information and contact the individual anytime there are changes on the report. This eliminates the need to get hard copy credit reports all of the time and allows the consumer to find out about detrimental information sooner.
An important and valuable benefit to using a credit monitoring service is to avoid the problems of identity theft by notifying the consumer before too many problems arise. Credit monitoring also lets the consumer know about any new posting or possible reporting errors.
The continuous monitoring of credit information can provide early warning signs of possible fraudulent activities. This is why it can be a highly effective deterrent for identity theft. Anyone who has been a victim of identity theft or has a fear of that for any reason should consider enrolling in a reputable credit-monitoring program as soon as possible so that they can get any warnings of potential abuse.
It is estimated that as many as 10 million American?s are victims of identity theft each year. On average it takes a consumer an entire 12 months before they notice this crime. Therefore a credit monitoring service can save you a lot of problems by alerting you to potential crimes in a more timely manner. A credit monitoring service cannot completely prevent the crime but it can reduce the problems associated with it.
A concern that is often expressed by people who are considering credit-monitoring services is the amount of inquiries that will show on their credit. However an individual can check their own credit as often as they wish with no penalty. The only inquiries that affect a credit score are the ones from lenders.
There are many different companies offering credit-monitoring services out there. They have various prices and offer various services that you may or may not deem necessary. The prices tend to range from as low as $4.95 a month to about $14.95 a month or more. Most of the services will include ID theft reimbursement coverage.
Some of the credit monitoring services will offer additional benefits like credit scores, debt analysis and fraud alert. It just depends on the needs and requirements of the consumer. Deciding on the level of service may be the most difficult decision to make after you decide you want credit monitoring services.
It may be worthwhile for you as a consumer to have a credit monitoring service. Especially if you are concerned about your credit scores and credit or if you believe that it may be possible that you could be the victim of identity theft.
