What is Credit Monitoring?

Signing up for a credit monitoring service is an easy, low-cost way to keep tabs on your credit and protect yourself against identity theft.

Check Your Credit for Errors and Fraud

You might already know that it's a really good idea to regularly check your credit reports. They may contain mistakes, or worse—evidence of identity theft. In fact, a government study found that 79% of reports contained errors, whether minor or serious. By reviewing your TransUnion, Experian, and Equifax report two to three times a year, you can ensure that your credit is in good shape.

Credit Monitoring Makes it Easy

But who can remember to pull their credit reports that often, and who has the time?

This is where a credit monitoring service comes in handy. Credit monitoring will continuously check your credit reports for you, and alert you whenever any changes or additions appear. If a lender or creditor checks your credit files, you'll receive an alert. If your name, address, or any other personal info is updated, you'll receive an alert. If a new loan or credit card is opened in your name, you'll receive an alert.

Catch Identity Theft Early

Of course, you'll already know about any update you've made or new account you've opened. But what if someone else is opening accounts in your name, or changing your personal information in an effort to defraud you? These are the alerts you want to know about as soon as they occur, before the identity thief has done too much damage. Knowing about fraud as soon as possible is to your advantage -- it's much easier to clear it up if you catch it early. 

Sometimes, identity theft victims go months or even years without knowing they are a victim of the crime. It’s not until they receive a phone call from a collection agency or are rejected for a loan that they understand that their identity has been stolen and used to open accounts and purchase big-ticket items. Credit monitoring is the best way to ensure that you know about fraudulent activity before it wrecks your credit. The sooner you learn that your identity has been stolen, the easier it is to get it back.