Credit Monitoring Services: What They Are And What They Do

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manny

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Published on August 1, 2020

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man cin front of laptop while checking his credit score on mobile phone

Having a decent credit history and a high credit score is getting more and more important. In 2020, almost every loan and credit card company will check your credit score – as will many other businesses that you purchase services or goods from. 

A bad credit score will massively cut your chances of being accepted for loans and credit cards, and it can be a tough task repairing a bad credit score.

This is why it’s important to keep an eye on your credit score – you can look out for any changes and look out for potential fraud. 

If you’re looking for a trusted service that can help you monitor your credit, then keep reading for some advice and some things you should look out for. 
Alternatively, if you’re looking for a credit repair company then check out this review on Lexington Law over at Crediful.com.

What Does a Credit Monitoring Service Do?

Your credit score can drop points overnight, and changes can happen instantaneously. A credit monitoring service will advise you of any of these changes, and help you look out for fraud. 

They use the 3 major credit bureaus (Experian, Equifax, and TransUnion) to keep track of activity and changes in your name. 

Some changes that a credit monitoring service will pick up are:

  • Opening of new bank accounts 
  • Credit limit changes 
  • Any missed payments 
  • Late payments 
  • Large purchases 
  • Activity on a dormant account
  • Collections dealing with your account 
  • Any bankruptcies

Being aware of any of these changes is the first step to preventing fraud and identity theft – the quicker you learn of these changes, the lower the chances of the fraudster succeeding. 

Due to the changes related to the growth of technology, hacking has become a problem for many businesses. It wasn’t long ago that Capital One was hacked, and the data from over 100 million customers was leaked – which proves that credit monitoring is more important than ever.

1. Credit Report Monitoring

Credit report monitoring is the monitoring of your credit reports from all three major credit bureaus. It keeps an eye out for any important changes and looks out for suspicious activity and potential fraud.

2. Identity Theft Protection

Identity theft can leave you feeling vulnerable and targeted – but thankfully there is protection against your data being stolen. Some credit monitoring services will keep an eye out for any changes in your credit report that may link to identity theft. 

Your personal data is monitored, including:

  • Your social security number
  • Credit cards in your name 
  • Bank account numbers

3. Comprehensive Credit Monitoring

Comprehensive credit monitoring is essentially the combination of the above – credit report monitoring and identity theft protection. This is a way you can prevent fraudsters from stealing your information, and your money!

Top 3 Credit Monitoring Services

1. Experian

Experian is one of the leading credit bureaus. Through it’s ‘Protect My ID’ service, you can make sure your credit is both monitored and protected. 

It’ll keep track of changes in your credit report, as well as any unauthoized usage of your social security number, your credit cards, and any debit cards, as well as any change of address. 

If there is any suspicious activity or unauthorized charges, then Experian will assist you in resolving the issue. With $1 million insurance, you can rest easy knowing you’re safe and protected with Experian. 

The useful and convenient mobile app will give you up to date information and is compatible with both iOS and Android.

2. LifeLock

Lifelock is a popular company that’s trusted by millions. As well as providing standard protection, LifeLock also scours the dark web for any of your personal data, which is sure to keep you protected against ID theft. 

All plans with LifeLock come with 24/7 customer support with fraud and identity theft. You can use the mobile app to check any changes and alerts – but if you don’t want to be constantly checking, then don’t stress as LifeLock sends alerts straight to your cell. 

You can choose from different plans to match your budget and your needs – so check out their website today and see what they can offer you.

3. IdentityIQ

Since 2009, IdentityIQ have been protecting customers against identity theft and fraud. Their services don’t stop there – they also have education packages that help you learn how you can protect yourself against identity theft, as well as things to look out for. 

The cheapest plan that IdentityIQ offers is an affordable $6.99 per month, whereas their premier plan totals $29.00 per month. 

With your IdentityIQ account, you can receive daily alerts, and monitor any changes yourself for your peace of mind. 

You’ll also receive information on how certain things can affect your credit, so it’s a great service if you need that extra bit of education on your finances.

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