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How Does Credit Report Monitoring Work and Do I Really Need It?

By Derek Brown
Published: Saturday, October 9th, 2010

Credit monitoring is a way of tracking all the credit transaction that are made under you. With your credit closely checked, you can be protected from identity thieves and some irregularities that can hurt and damage your credit score and history very badly. Of course you can do the checking by yourself but there are times that it might slip your mind especially with a very hectic schedule. With the costs and damages inaccuracies bring to your credit, having someone to monitor it for you can save you thousand of money. Identity thieves are everywhere and could go on undetected for many years. They will tend to open an account as an extension to yours and you’ll just end up paying for something you aren’t aware of.

So when you’ve decided that you wanted someone to monitor your credit how and where should you get it? There are three major credit bureaus: the TransUnion, Equifax and Experian. Remember that you have to get the credit report from all and not just with the bureau that you prefer. It is important you get the report from all three to make sure that all the transactions under your account are accurate. Once you have your credit monitoring and found some discrepancies then you have all the right to dispute them. Take note of all the found inaccuracies and submit a letter of request so they can be acted on immediately.

Credit report and credit score are two things which needs to be given close attention. While you don’t have to be too conscious with your score like who your credit report, it still is important to check both; the credit score if you are planning of getting a loan or applying for a credit card and your credit report to make sure that there are no errors on your credit.

There are credit monitoring companies that you both can find online and offline. Make sure that you go for legitimate and reputable companies. You can’t be too lax with your choice because it is your credit you’re trying to protect. If you wanted to know how it works, then there are some companies that provide free trial. When you decide to do this, be mindful with the trial duration. Before the lapse date, call or get in touch with the provider to make sure that it is cancelled or you get billed for it.

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