What is Credit Monitoring?

credit repair servicesAre you finding it difficult to figure out when your credit report has changed? Well there is a solution; credit-monitoring systems give you notifications every time your credit report changes. All three credit-reporting bureaus offer it, Equifax has four, Transunion has two, and Experian has five credit monitoring products. This is a great way to develop excellent spending habits and keep track of your current activity. You can also tap into independent businesses that offer their own credit monitoring products. You can easily find these services on the Internet or even while you are watching television.

Generally, these credit-monitoring services cost around $10 and $23 a month. These services offer identity theft insurance and compensation guarantee if your identity is stolen.

Following payment of this feel, you will be able to check your credit reports more than once a year. If these services discover unusual activity, they will notify you immediately. Other notifications that you will receive will probably be regarding the fact that you opened a new account or a new credit line. An important component is that you will finally be able to access your credit score, which you are unable to see in the one-time annual report. However, you will not have access to your FICO score which is used by most lenders.

Should You Get The Service?

If you are thinking about getting a subscription to a credit monitoring service, here are a few things to keep in mind.

  • If you are confident about your credit and pay your bills on time, do not worry about any major problems on your report.
  • Each credit bureau offers a free report each year, excluding your credit score.
  • Ordering a credit report does not affect your score.
  • Purchasing additional copies of your credit report cost $10 to $15
  • If you do want to check your credit report often, then definitely think about turning to a credit monitoring service.
  • Before consulting with a credit monitoring service, ask yourself these questions.
  • Have you ever been turned down from a line of credit for lower interest rates?
  • Do have you problems leasing or renting?
  • Were you turned down for a loan or credit card?

If you answered no to these questions, then you have a good credit record.
Knowing your credit report is actually a great way to keep tabs on how you spend, how it is affecting your score, and what you can do to improve it.

Do not be quick to pick a monitoring service. Take your time and pick one that you trust, especially ones from the credit bureau so you will not have to worry about added expenses and scams. If you have a clear understanding of your spending habits, you can adjust to optimize how you spend. Check out the comparison sites on credit monitoring services, you can find out the perks of each service and see which one is right for you.

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