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How Does Credit Monitoring Work and what is the Benefit of Doing It?

By Derek Brown
Published: Friday, August 12th, 2011

Each time a transaction is done through your account, the record is entered in to your credit report. While you can do the monitoring yourself, there are times when you forget it until it completely slips your mind. There had been a lot of reports when errors are found in the record mostly of transactions that the account holders themselves aren’t aware of. When these entries recur every now and then, better start asking yourself what could be the problem. Any discrepancies found in your credit report will bring negative impact on your score and history. This is where credit monitoring now enters the scene.

While enrolling in a credit monitoring program s not the only way in protecting our credit, let’s admit it, it can be of great help to us. Wouldn’t you feel safer knowing that there is someone who will give you a report on each transaction that you do or done in your behalf? So in case you would not acknowledge the transaction and find it illegitimate then you can immediately dispute it while no great damages are still done. If you are thinking of the extra fee you have to pay for the credit monitoring service, just think of the protection you can get for a little extra cost. Remember that identity thieves can always open an extension account under your account and you have to pay for it. That’s a painful thing to do.

If you can’t find a credit monitoring company locally then the World Wide Web has a lot of places to bring you. There are some companies who offer a free trial of their service. This is a good thing to do before even enrolling yourself to their monitoring program. This way you can check how accurate and effective the service is before you get the regular service.  Free trial period usually lasts for a week to a month. If you feel that it is not a necessity in your case then inform your provider you are discontinuing it or you will be automatically billed the next month. No call means an automatic continuation of the service.

The credit report and score are your aces when you wanted an instant approval of a loan, mortgage or credit card application. When you are not able to present impressive figures during your application then better not expect an approval. Have a regular credit monitoring and increase your chances of approval.

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