Credit Monitoring Provides Peace Of Mind
With the rise in identity theft related crimes, many people are turning to the help of
a credit monitoring service to give them the peace of mind and satisfaction that all is
well with their personal information and credit reports. These services monitor all
three credit bureaus 24/7 and notify the user if there are any changes to the credit
profile. The consumer will be notified if anyone performs a credit check in an
attempt to secure new credit. It shows the company along with their contact
information. This is a great way to be aware of what is always going on with your
credit. It will also alert you if any new information is reported to the credit bureaus,
such as new contact information or any new accounts. By staying on top of what the
credit bureaus are reporting, it will enable you to take action if a mistake does
happen to be reported. It will also give you the information necessary to contact any
collection company or agency that posts a collection account to your reports.
Some of these credit monitoring programs will also allow you to refresh your credit
reports a certain amount of times per month, with some even allowing daily re-
pulling. This can be utilized to see when accounts report current information to the
bureaus, such as payment information and balance information. By regularly
checking your credit you can see how paying down balances can really improve your
score. Checking your own credit will not harm your score in any way. There is a myth
that pulling your own credit will lower your score. This is not true at all. You are
allowed to pull your own credit score as many times as you like with no penalty.
Every time your access your own credit report it is marked as a soft pull. If a
potential lender or creditor pulls your credit, then that is considered a hard pull and
typically results in the loss of a few points. It is always a good idea to keep inquiries
to a minimal, and be very careful who your give your social security number to.
Many times department stores will ask you if you would like their store card at
checkout and offer a discount on the purchase if you apply for the card. They will
perform a credit check, and always fail to mention that to the consumer. Just be
aware, and try not to apply for unnecessary credit.
If you have your personal information compromised and someone begins to attempt
to obtain credit using your information you will be sent an email notification
alerting you to the situation. You will see the inquiry, and then eventually the new
account will show up if they successfully obtained new credit with your identity.
Identity theft can be very difficult to clean up, but with the help of a credit
monitoring service you can get a head start, as you will be alerted to a potential
problem right away. Imagine if you did not pay close attention to your credit, and
then one day you found out that someone had opened several fraudulent accounts in
your name months ago. The damage is already extensive at this point, and working
to clean up the issue will be very difficult and time consuming. Avoid potential
problems in the future. You can check out a highly reputable credit monitoring
service by visiting www.mycreditbureaus.com - the also offer free credit scores.