Credit Monitoring Companies – What They Do And Why You Should Sign Up

by erin on October 11, 2010

This Equifax Credit Monitoring Review encompasses a number of different services that help to safeguard important credit and personal information that is vulnerable to identity theft. All of the major credit reporting bureaus have credit monitoring services for a monthly fee. As more cases of identity theft arise, the more people are signing up for these types of services.

Identity theft has been on the rise in recent years. Thieves have found many creative ways to steal other people’s personal information and use it to open up new credit cards or other engage in other illegal activities. They end up stealing thousands of dollars and ultimately ruining the individual’s credit. Once this happens, it is very difficult to correct and may in fact take several years.

It is very important to protect your personal information, especially when online. There are many black market sites that steal credit card information and sell it to other sources that perform illegal activities in the cardholder’s name. When purchasing products or services online, you must make sure the site is encrypted from such attacks. Consumers must be vigilante in protecting their credit.

When your credit is ruined so are your lending options. A damaged credit rating will greatly reduce your chances of getting a mortgage. It will also affect your ability to apply for credit or any other type of loan. And in many cases, a poor credit rating will affect your chances of getting a good job. So it is very important to monitor your credit activity and safeguard your personal information from identity theft.

There are many different types of credit monitoring plans that help to keep consumers aware of kinds of activities are occurring on their accounts. Once signed up with one of these plans, an individual can keep a close eye on new accounts that are being opened in their name among other types of information. The various monitoring plans will alert their clients whenever the notice any type of activity on their account, especially something suspicious like several accounts being opened up at the same time.

Many of these plans also provide the added security of a theft identification insurance policy. This policy offers added protection from the costs involved with trying to restore a damaged credit account. Once someone becomes a victim of identity theft and their credit has been damaged as a result, it becomes very expensive to repair the damage. Plus, there is the money that was stolen from the account that needs to be replaced. Most of these policies do not require a deductible, which is an added bonus.

Some credit monitoring services are more comprehensive than others. It is important to look around and find the best overall plan that will suit your particular needs. It is best to get a plan that incorporates all of the three major credit reporting bureaus. Some also offer unlimited access to your credit reports which is very useful when monitoring all of your activity. It also keeps you informed regarding any changes in your credit rating.

When considering this information, you may also want to look into additional protection plans that include automatic fraud alerts. Search the various identity protection plans and see which ones best fit your needs as well as your budget. They all charge a monthly fee but it is a good idea to have some kind of monitoring system in place.

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