Credit monitoring involves keeping tabs on the information that is reported on your Credit Report and watching whether your credit score goes up, down, or stays the same. Almost everyone can benefit from monitoring their credit to see where they stand, but it can be a challenge to do this since you will need to remember to check your credit routinely, and you will need to pay to regularly access your credit report and score.
For many, the best solution they find to keep up to date on their credit is to use a credit monitoring service such as CreditProtectX3® or CreditProtectX®. Others opt for a more general identity monitoring service that also provides the opportunity to check credit. One example of such a service is Identity Guard®. Whichever credit monitoring service you use, and however you opt to keep up-to-date, it is essential that you pay attention to what is going on with your credit.
3 Reasons Why You Need Credit Monitoring
There are countless reasons why monitoring your credit is a good idea, but three of the most important reasons include the following:
- Credit monitoring helps you to spot any signs of identity theft early on before much damage has been done. Identity thieves typically steal your personal information in order to open credit cards or take out loans and borrow in your name. Unfortunately, these identity thieves don't pay the bills and you not only end up owing money to a creditor, but you also have your credit damaged. It is possible to correct all of the consequences of identity theft and to get your credit score back to normal, but it can be difficult and time consuming. Identity Guard® provides the most comprehensive tools to help you spot identity theft, but any type of credit monitoring can help you to see suspicious activity early.
- Credit monitoring helps you to determine if there are any mistakes made in reporting your information. Credit reports are made up of information provided by different creditors to credit reporting bureaus. Sometimes, information can be reported incorrectly, and as a result the wrong data can show up on your credit report. Creditors have to correct information that is wrong, but you'll need to dispute the errors. Credit monitoring helps you to see when a mistake is made.
- Credit monitoring helps you to see if you are on track financially and to get ready to get a loan. The information on your credit report, as well as the credit score that you have, are going to determine if a lender will grant you a loan, if so, what interest rate they will charge to lend it. With services such as CreditProtectX3® or CreditProtectX®, you can regularly monitor your credit score and reports as well as gain access to a credit analyzer and other online tools.
Starting Your Credit Monitoring Today
Credit monitoring is not something you should wait for since you are vulnerable to identity theft or damaged credit at any time. Explore your options, including Identity Guard®, CreditProtectX3®, and CreditProtectX®, to see which option is the best for you.