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What is credit monitoring? How to look out for service provider?

By Derek Brown
Published: Tuesday, February 2nd, 2010

The most reliable and safe way to keep the track of your credit is credit monitoring. This saves you from the risk of identity theft which is very common these days. This allows you to keep the track of every single transaction in your account. You are informed either by a SMS or an email. This is the best way to keep a vigilant eye on their credit histories. Also, it minimizes the chances of fraudulent practices of identity theft.

According to a survey by the US Federal Trade Commission it generally takes a year or so before the consumer becomes aware of the identity theft. In case you are subscribed to alert you, can instantly make out the flaws and safeguard your personal and financial interest. On an average 10 million Americans fall victim to the identity theft crimes and thus, people now don’t mind paying little extra for these services.

Credit monitoring services are not very expensive and any of us can easily afford it. The monthly fee ranges from $10-$15 which is not very big. This price dependent largely on the level of your credit monitoring services you receive. Here is the list of information provided during the credit monitoring program by the agencies:

  • In case a new account is opened.
  • In case the lender or creditor makes an inquiry about your credit report.
  • In case your address is changed.
  • In case any public records are added.
  • In case already existing information is changed.

This way you can be sure that somebody is monitoring your credit status everyday and this will safeguard your interest. To be cent percent sure subscribe to be best credit monitoring agency. Before you subscribe for their services check for their authenticity and reliability. The best way is to search online and try and know as much as possible about the company.

Read the reviews and testimonials by the past clients. This way you can have an idea about the workings of the company. You can even ask your friends and relatives in case they have knowledge about some good credit monitoring service provider. Ask for their first hand experience. Once satisfied only then proceed with the workings as for subscription you need to give in all your personal and financial details necessarily. Which if the company turns out to be fraud can cost you a great deal.

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