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Is hiring a credit monitoring agency beneficial?

By Derek Brown
Published: Monday, November 2nd, 2009

United states has experienced a large amount of growth in identity theft with 9.9 million cases of such fraud ion 2003. A credit monitoring service can protect a person from such identity theft by revealing any unexpected applications for loan made through his account.

The three major credit bureaus in this country Equifax, Transunion and Experian have respectively developed a credit monitoring system to protect debtors from credit fraud. Some credit monitoring agencies working under any one of these agencies in America offer the report reviews once every month or quarter, while some others would review the report once in every quarter or half an year. A credit monitoring services levies 10$ on its subscribers per month for a single report from any bureau. If the debtor makes a request that all the three credit reports be monitored, the costs would escalate to 36 dollars. 432$ is the cost of a private credit monitoring agency per year that differs according to the agency chosen for this purpose.

Credit reporting agencies amend the report in every quarter. A debtor with occasional borrowing can expect frequent updating of the report. On an average, a report is updated one time in every quarter. This makes it necessary for the credit report to be reviewed in the same time gap only.

Most of the monitoring services in America provide a person with identity theft insurance that protects him from incurring any liabilities in case he becomes a victim of an identity theft.

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