Why Monitor Your Credit
Posted on 2015-06-24 09:00:39
Credit monitoring simply means paying attention to your credit report. But why? Don’t the credit bureaus do that? No, the credit bureaus (Equifax, Experian and TransUnion) are merely repositories of the information sent to them by credit card issuers and other lenders.
Credit monitoring is an important concept because credit affects so many aspects of our lives. Most people know that what’s in your credit report can affect whether or not you qualify for a loan or the terms of a loan. Some people are surprised to learn that employers, insurance companies, utility companies, collection agencies and landlords use credit reports. Credit can even be a deal breaker in personal relationships. With so much riding on your credit, credit monitoring makes good sense.
A credit monitoring service is a convenient and cost-effective way to stay on top of your credit report. It takes the burden off of you. Whenever there are significant changes your credit report, you automatically receive an alert—usually email. Credit monitoring puts you at the helm. Here are 4 important reasons to consider credit monitoring.
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Credit monitoring helps maintain an accurate credit report. With a credit monitoring service you will know about significant changes as they happen, putting you in a position to take swift action to correct any mistakes. With credit monitoring, there are no surprises when a creditor—or anyone else—pulls your credit report.
Credit monitoring may detect signs of identity theft. While nothing can prevent identity theft, credit monitoring looks specifically for the types of information that could signal identity theft in progress. Credit monitoring puts time on your side, helping to minimize the damage done by identity theft.
Credit monitoring tells you who is looking at your credit report. Creditors, employers, landlords and other business entities may have a legal and legitimate right to view your credit report. But some of those looks, called inquiries, can have a negative impact on your credit and credit score. Credit monitoring lets you know whenever there’s a new inquiry so you know who is looking at your credit report.
Credit monitoring is convenient. A credit monitoring service frees you up to tend to other areas of your life without worrying about checking your credit report. Knowing you will be notified whenever there are significant changes to your credit report brings peace of mind.
The benefits of a credit monitoring service outweigh the nominal cost. An accurate credit report is important to ensure you aren’t paying for someone else’s mistake.
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