Credit Monitoring: What, How and Why

By January 30, 2013Fraud Protection

We can’t all go to the extreme measures Jason Bateman takes in the movie “Identity Thief.” While it might be nice to think about personally chasing down the person who steals your hard-earned credit to go on shopping sprees, the likelihood of ever discovering who the culprit is may not be as easy as Hollywood makes it look. Of course, if Bateman’s character had a credit monitoring service, he might have known much sooner about his stolen identity.

Credit monitoring gives you the opportunity to monitor your finances proactively, so you know before something or someone ruins your credit entirely. Identity theft can happen very quickly, often without you noticing. Rather than keeping constant tabs on your credit report, a credit monitoring service will monitor financial activity for you and trigger alerts if something happens out of the ordinary.

You should monitor your credit for the same reasons that you don’t purchase that brand new car that you can’t quite afford: A new credit card or loan opened in your name, likely without any payments made toward the debt, can wreak havoc on your credit score. Without credit monitoring, you may not discover that anything is awry until a legitimate application of yours is denied.

Even if there has been no fraudulent activity credit, monitoring will notify you of any mistakes on your report, which could also harm your credit. If there is incorrect information, you have every right to dispute. Credit monitoring reduces the impact of any identity theft that does transpire, and it alerts you to account fraud much sooner than you would discover it on your own. By monitoring all three credit agencies, you gain access to information more frequently than your yearly free credit report.

There are multiple types of credit monitoring services, all with the same goal of detecting and preventing any fraudulent activity. One-bureau credit monitoring keeps tabs on one of the consumer credit reporting companies, and three-in-one credit monitoring tracks information reported to all three major credit bureaus. We now offer credit monitoring through our Essential Plus program, which is all the benefits of the Essentials program, in addition to TransUnion credit monitoring as well as additional advantages.

Since each credit reporting agency operates independently of the others, it is more beneficial to you to take advantage of the option to monitor all of them. Cost will vary depending on how often you want your report scanned, what kind of alerts you would like, and other additional benefits.

Credit monitoring is your opportunity to protect your credit. With all of the hard work you’ve done to build your credit score, it would be devastating to discover that someone else has gone on a shopping spree with your name on the card. Take charge of more than just your spending, and protect your information with the tools available to you.

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