Monitoring Your Credit & Identity
Updated on June 28, 2019
Keeping an eye on your credit is more important than ever. Identity theft costs Americans billions of dollars each year. Lenders use your credit reports and scores to approve you for loans, credit cards, and homes. Even some employers use your reports to decide on inviting you to interview for your dream job. Monitoring your credit is key. When it comes to monitoring your credit, you will have two choices:
- Monitor Your Credit On Your Own
- Use A Credit Monitoring Service
Monitoring Your Credit On Your Own
If you choose to monitor your credit on your own, you’ll want to take advantage of your three free credit reports each year. You can spread them out over the year, viewing one credit report every four months. Also, take advantage of your banking and credit card accounts that periodically show you your updated credit score for free. Throughout the year, make sure to review both your credit reports and scores for errors or suspicious activity.
Using A Credit Monitoring Service
If you’d rather take the “hands-off” approach and let someone else monitor your credit, there are a lot of companies that will do it for you. Depending on the company and services offered, you can get credit monitoring for free or for a monthly or annual fee. When you choose to enroll in a credit monitoring service, you will usually get a combination of automatic monitoring of your three credit reports, alerts of suspicious activity, frequent access to your credit scores, and identity theft insurance and additional services. Since each company will offer a different set of services, you’ll want to get whyze and shop around.
No matter whether you decide to do it yourself or have a service do it for you, credit monitoring is very important. While monitoring your credit won’t prevent credit report errors or potential identity theft, it will help you identify and fix them before they cause major damage to your finances.