Posted on 2014-10-02 09:00:07
You have worked hard to maintain good credit habits, and you’ve got the credit score to show for it. Do you need a credit monitoring service? Aren’t those just for people trying to dig themselves out of a bad credit history? Not at all.
A credit monitoring service can be just as useful to a consumer trying to maintain a good credit history. That’s because consumers have little to no control over what gets recorded on their credit reports. Here are 3 reasons everyone—even someone with good credit—should monitor his credit report:
1. The information in your credit report affects credit decisions from whether or not you get a loan to the terms of a loan. A higher interest rate can take an extra chunk out of your wallet every month.
2. Keeping an eye on your credit report can help guard against identity theft. Identity thieves often open new credit in a victim’s name, and most lenders report new accounts, as well as payment history, to the credit bureaus.
3. The information in your credit report is constantly changing. New information may be added daily. A squeaky clean credit report today could be hit by fraud, identity theft or an error tomorrow.