What is credit monitoring?
Credit monitoring services, like those offered by TransUnion or Experian, watch your credit report for any changes or fraud and send you alerts if they detect any unusual activity. These services can cost more than $30 each month, which is a steep cost to pay when you can perform many of these services yourself for free.
What can you do to monitor your credit on your own?
Credit monitoring can be free or low-cost if you know what to do. If you have the time and you are not at a high risk for identity theft, consider doing the following to keep your costs low:
- Check with your credit card issuer because they may offer free credit checks.
- Regularly pull your credit reports from all three major credit reporting agencies: Equifax, Experian, and TransUnion. You can get free reports from each of the CRAs every 12 months at annualcreditreport.com.
- Put a freeze on your credit, which will protect your credit from unauthorized access.
When is credit monitoring useful?
If you’ve been the victim of identity theft or victim of a data breach, signing up for a crediting monitoring service may be worth the extra cost. That way your credit is monitored automatically, and you don’t have to worry about checking it yourself.
Why is knowing your credit useful?
Your credit score is more important than you may expect. Among other things, credit scores can help determine:
- Interest rates for personal loans, mortgages, and car loans
- Which credit cards you can get
- Whether or not you can lease an apartment
Credit scores determine more than most people know. Thus, it’s extremely important for you to keep an eye on your credit score and to immediately resolve any fraud or errors.
Are you the victim of identity theft? Has your credit monitoring service alerted you to fraud?
Contact The Consumer Law Firm of Francis Mailman Soumilas, P.C.. Our lawyers can help you resolve credit reporting issues appearing on your credit or background checks. We have helped over 7,500 clients receive more than $300 million in settlements and verdicts. Call us at 1-877-735-8600 or fill out our online form for a free case review today.