According to the Federal Trade Commission, Identity Theft accounts for over 42% of all frauds reported to federal authorities. Investing in credit monitoring services can not only ensure that you’re not the victim of fraud or identity theft but can also help you maintain and improve your credit. Unsure about what credit monitoring is and how it can benefit you? Keep reading this article to find out!
What Is Credit Monitoring?
A credit monitoring service keeps track of changes in borrower behavior and notifies consumers of potential fraud and changes to their creditworthiness. For example, if someone uses your stolen credit card numbers to make an online purchase, a credit monitoring service can detect that action and alert you, the cardholder, about the transaction. Bear in mind that credit monitoring services aren’t only required in case someone tries to use your stolen card. Identity theft can also include filing fake Medicare or Social Security claims. Monitoring your credit can help you prevent fraudulent major credit-based activities such as applying for a mortgage.
How Do I Benefit from Credit Monitoring?
Prevents Fraud
As mentioned earlier, regular credit monitoring can help prevent identity theft and fraudulent behavior under your name. A credit monitoring service will alert you of all transactions related to your financial accounts. If you notice a transaction that you didn’t initiate, you can immediately alert your credit authorities to briefly suspend your accounts.
Catches Clerical Errors
By regularly reviewing your credit activity, you can identify and fix any errors that the credit bureau may have overlooked. A credit monitoring service can review your personal information, account information, and credit reports regularly and alert credit authorities of any misinformation or errors. You don’t want to lose credit due to a minor clerical error that could have easily been corrected by frequently reviewing your credit reports.
Improves Credit
In addition to guarding you against fraud, credit monitoring services also keep track of your credit reports and credit scores. So if it detects financial activities that could potentially damage your long-standing credit, it alerts you. You can make prudent financial decisions without compromising your credit score. Furthermore, in most cases, fraudsters use your personal and financial information without your knowledge. So if you don’t regularly track your credit, such criminal activity can go undetected for a long time. Without credit monitoring, your credit could be utterly destroyed and, in some cases, irrecoverable. If you’re looking for professionals to help you understand credit monitoring and its significance, get in touch with us at Briteside Solutions. We are dedicated to helping our clients set up a feasible roadmap to attain their long-term financial goals. Our experts provide proper credit education, credit monitoring, and identify theft protection to interested clients. If you have further questions for us, feel free to call us at (888) 851-0646 or email us at info@britesidesolutions.com