The Pros and Cons of Credit Monitoring

The basic services of credit monitoring is to track the consumer’s credit report in one or more of the major credit bureaus like Equifax, Experian and TransUnion and send a text message, email or letter if there are inquiries or other activities. Also, most of them offer unlimited access to the consumer’s credit report in one of the bureaus, track the credit score, help in case of fraud resolution and they even reimburse the expenses incurred by consumers in trying to resolve credit fraud or identity theft.

In addition, obtaining their services is helpful since they can spot certain problems like if someone opens a new account with your name but they have limitations too. For example, they cannot alert the consumer of every kind of identity theft, in case someone is using stolen personal information so that he can get a cell phone or job or anything that are unnecessary for the agency, monitoring is not going to pick them up.

To get the best services, you must conduct credit monitoring reviews of the different services. Typically, these are offered through credit unions or banks by the credit bureaus or by the companies that give the services. Financial experts recommend that you must thoroughly check the provider before availing a credit monitoring service by following these tips:

  • Check if the company is going to check your credit reports from the three credit bureaus because some allow access to only one and in most cases, the information varies from each credit report of the credit bureau.
  • Evaluate how long they have been in the business and what are the security expertise they provide. Beware of companies that do not have enough background on their websites and do your homework by conducting research. If it shows an unusual industry and shady opportunists and characters, avoid these companies.
  • Watch out for companies that say they will prevent any case of identity theft since there is no legal and reputable company that claims this way.
  • Check the local Better Business Bureau and state attorney general if the companies have cases filed against them.
  • Shop around but in the end, choose a company that has become an institution of the industry, reputable name and you do business with. It is always good to choose a company that you trust.

Surely, credit monitoring services provide many advantages for the consumer but in choosing the right one for you, choose the one that offers the services and features you need. Most of these companies offer various options in identity and credit monitoring but not everyone suits your preference.

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