Credit monitoring services keep a close track of your credit info on a customary basis. Any addition, deletion or change in your credit report will be notified to you instantly. Along with the provision of access to credit history from three credit bureaus, credit monitoring services also provide continuous credit score information.
Credit monitoring services - an aid to fix your credit score:
· Credit monitoring services provide continuous review of your own credit score and your FICO score to provide you the best estimation of your credit ratings.
· They can recalculate your score every month to give you your latest standings. This helps you to evaluate whether your methods for credit fixations are working or not.
· They also provide tools that help in judging the effects of your actions on credit ratings.
· When a customer requests a credit report, it does not affect his/her credit ratings. This is called consumer pull phenomenon. However, if the same customer inquires about the credit to invest in some new line may be a car or home it affects the credit score of a person. Thus, credit monitoring service guides you in advance, which action of yours will affect your credit scores.
· They provide a copy of three credit bureau reports on a constant basis to help you make all the three reports pretty clean.
· They follow a process of alerting by which these services provide email notifications of any good or bad changes on the credit reports.
· They also provide identity theft insurance services to cover any theft related damage that may hamper your credit score.
Credit monitoring services – keeps you protected from frauds and identity thefts
Identity thieves can operate in diverse ways by using new technologies. Some of the thefts include:
· Use of fake checks with actual account information
· Stolen information from online database through social engineering scams, hacking and security breaches
· Use of unlocked mailboxes to steal personal information
Data mining services that collect your information for categorization for demographics can sell your information to anyone for money. Credit monitoring services help to keep away this risk and also prevent any such invasive research occurring in your life.
These services have methods that prevent thieves from stealing personal information from online databases. With skyrocketing identity theft these days, scammers stand at every step of modern technology to steal your information.
Social networking is widely used and is also a platform for personal information thefts and in the end you get to know that your loan has been declined because you have not paid some of the monetary obligations.
Credit monitoring services also provide alerts if someone is trying to inquire about your account or trying for new accounts sign up under your identity. Thus, they prevent you from potential frauds and also notify the credit bureaus about such mishaps.
However, credit monitoring systems will not give you alerts about:
· Use of your identity for job application
· Use of your information for buying a cell phone or cell phone numbers
· Use of your social security number instead of your name for new accounts sign up
Credit monitoring in combination with identity monitoring serves to solve this problem and provide added protection. Although this incurs extra cost, it provides a definite protection from frauds and thefts.
How do we find the top most credit monitoring services?
A number of monitoring services available online may help you in checking your own credit history or monitor the credits of your potential business partner either for free or against a minimal charge. You must choose the monitoring service that suit your needs in the best possible manner and also possess a:
· Comprehensive web site
· Technique to provide 3 in 1 credit report
· Provision of FICO score
· Customer review system
· 24 * 7 customer service
· Pocket friendly monitoring system
· Telephonic help for fraud resolution
· Total identity monitoring system
Total identity monitoring not only checks identity credit thefts, but also keeps track of real estate transactions, telephone accounts, court records, social security number and hunting licenses track suspicious use of the customer’s name and identity.
These companies should also have a written account of what they can offer. Usually a good monitoring service should offer:
· Regular monitoring of unusual or suspicious activities in your credit card accounts
· Fraud insurance assistance that covers lost wages, legal fees and private investigator service fees in stolen identity cases.
· Regular provision of credit reports
· Monitoring your bank accounts and public records
· Preventing your personal information from being stolen by Phishing sites
· Complete background information about its expertise
The service you choose for your safety must be reputable and should be a branch of publicly traded major organizations. They should be using the latest encryptions, data security technologies and consumer screening to provide the best security methods.
Before signing for any company, you must check any complaints lodged against that service provider with the better business bureau or with the state attorney general.
Is credit monitoring services overpriced?
There are many debates over the pricing of monitoring services. Some consumer specialists say that with about $15 a month, the monitoring services offer valuable information time to time. They also help with debt management and provide tools to improve your creditworthiness.
However, some consumer report specialists say that these monitoring services are overpriced for better and more effective protection mechanisms are available at cheaper prices. However, lack of time to regularly track your credit brings these services into action.
If you suspect that your credit information was exposed or it is at a risk of being stolen then the monitoring services are worth paying for their support and services.
Thus, credit monitoring and reporting services are extremely important. Even if they cannot prevent thefts, they do help in early detection of frauds. Early detection and treatment always serve as a better cure and provides mental peace to the victims.