What Is Credit Monitoring?
Credit

What is credit monitoring?

Credit monitoring is monitoring the activity on your credit cards to monitor any suspicious activity. Credit monitoring can help alert you of suspicious activities, and it can also help you detect credit fraud very early.

Credit fraud can happen to anyone, and all of us probably know someone who has had this happen to them. Someone managed to steal their credit card information and then used the money to go on a wild shopping spree. 

Trying to recover the money after that is arduous and nothing less than a hassle, and some of us eventually give up. To counter this, more and more companies are offering credit monitoring services. These services can alert you to potential frauds before they even happen.

Why Is Credit Monitoring Important?

Anyone can quickly go on a wild shopping spree while you are asleep, and since it’s a credit card, there is no knowing when the person will stop. The effects these actions can have on your credit score can be devastating, and this can cause you to face many hurdles while applying for any type of loan.

Significant adverse changes in your credit score can end up signaling to you that something is wrong. If there are a lot of hard inquiries in your score that you can’t, then it may indicate that there is some form of identity theft taking place.

Credit monitoring can help you detect fraud and inaccuracies early on, and it can help you file for dispute quicker or freeze your credit before things go out of hand.

How To Monitor Your Credit

You can pay someone to monitor your credit for you, take help from a free service, or even do it yourself. It’s very simple to watch your credit, and you can quite easily do it on your own.

Get Free Credit Reports

You can get free credit reports from the three major bureaus every twelve months. In addition to this, there are also free services through which you can get your credit report online free.

One strategy you can use for getting credit reports is spacing the three credit reports you receive by the bureaus far enough to each other. You can request a credit report from the three major business bureaus once every four months. 

Whenever you receive these reports, you need to pay special attention to them and keep an eye out for any change in information or any additional purchases that you may have made. You can also sign up for an authentic free credit monitoring service that could help you keep track of your credit scores.

Look Into Credit Freezes And Subscription Services

Additionally, you can take a safety measure as well, like a credit freeze, which restricts fraudsters from opening other accounts in your name. A freeze does not affect your credit score, and it is an excellent way to secure your account.

You can also pay to get a subscription-based credit monitoring service that can help make things more comfortable and more efficient. Subscription-based services do charge, but they also provide you with perks as well some of the services even insure you against theft, which means that your money will be more secure than ever.

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