Using Credit Score Services to Detect Identity Theft? Think Again

You've likely heard the words "credit score" and "credit score services" thrown around a lot – and for good reason! It’s important to know where your credit stands for lending or borrowing purposes and credit score services can help you routinely view your credit score. However, if you’re looking to monitor your credit score to help protect against identity theft you might want to rethink your strategy. Remember, while an instance of identity theft could affect your credit, your credit score is only a small part of your identity.

A credit score is a number from 300 to 850 used to represent a combination of your credit and financial history in one quick glance. Banks and other financial institutions use this number to determine your creditworthiness. It can determine your interest rate, you loan amount and much more, but be careful, each lender calculates their score differently and there are several different algorithms used to calculate scores.

Keeping tabs on your score and checking your credit reports can help you get acquainted with how lenders will view your financial status, but it alone may not help you find instances of fraud. If monitoring your credit score with a credit score service won’t help you protect against identity theft, what will?

Credit monitoring is one of the things you can use to help you protect against identity theft. A credit monitoring service can help you by monitoring for certain activity in your credit files that could indicate fraud, for example an unauthorized new account opening. There are several things that a credit monitoring company like Identity Guard can monitor for that can help uncover fraud such as finding your SSN on an unsecured place online, or an unauthorized address change.

If you’re looking to get serious about protecting your identity, don’t rely on a credit score service, sign up for a service like Identity Guard. No matter where you are in life, Identity Guard can help.