Credit Check Monitoring Service

A credit check monitoring service is a good tool to MANAGE your credit information. Do you even know what is in your credit files? Routinely checking your credit reports is a smart idea. Over 79% of credit reports have errors. These errors can range from errors in your birthdate to erroneous and derogatory information posted to your report. These errors could harm your finances or your reputation.

Considering the "new normal" of credit scores and it's impact on our financial lives we have to now manage our credit information regularly.

A credit montoring service also helps you to be proactive. You may simply want to closely track all three credit files in anticipation of applying for a job or a big loan, such as a mortgage. Credit monitoring will aid you in each of these instances.

Typically with a credit check monitoring service, you are notified immediately if new accounts are opened in your name or derogatory information is posted in your credit report. You are also notified monthly if there are no changes to your credit report.

What Exactly is Credit Monitoring Service?

A credit monitoring service is a paid service that is offered to consumers from banks, credit reporting agencies, credit companies and other third-party companies.

When you sign up for a credit monitoring service, one or all of your credit reports are constantly tracked and you are alerted to a variety of changes in your credit file, such as a credit card balance increase, an "inquiry" when you apply for new credit, or negative information like a late payment reported by one of your creditors.

Now some credit monitoring services include an identity theft protection offer with the fee. However, the promise to protect you from identity theft is a claim that is difficult or impossible to do.

By the time you are alerted to changes in your credit file, the damage may already be done. So there are limitations to what a credit check monitoring service can and can not do. It is not a panacea. But it is an important tool in your credit health.

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