With the rise in digital theft and misuse of credit information, credit monitoring services offer a strict check on your credit history. If you have gone through any kind of fraud or misuse of your credit information, you must sign up for credit monitoring with a credit restoration company to trace the fraud and be aware of any changes made in your credit history over time.
Credit scores can be confusing, even for those who remember their numbers. Credit monitoring helps you monitor every change made to your credit score and notify you about the changes made to your credit score and keep a draft of your credit history to identify any kind of misuse.
Scammers often ask questions about your credit history and ask for your credit scores to evaluate whether you are eligible to avail of the services or not. NEVER share your credit score or anything related to your credit history over the phone.
Let’s have a sneak-peek into 5 things you should know about credit monitoring.
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1. Privacy breach:
Before signing up for a credit monitoring service, infuse some knowledge about the company you are going to work with. It is possible that to solve your credit issues, the credit restoration companies might share your data with some third party as well.
Stick to the terms and conditions that apply when it comes to the privacy of your credit history. Don’t let anyone sell your credit data to someone apparently in the name of getting your problems fixed.
2. Credit monitoring services are not free forever:
Some credit restoration services may seem to be free of cost or charge a very nominal amount of money for your credit monitoring but remember they are not free forever.
It may be a trial period before the subscription or a very nominal sign-up charge but this will not be free for life. Most of the restoration companies charge an average of $120 to $300 per year. Make sure that the service does not charge you without your consent.
It might be possible that while you’ve signed up for a monitoring service and left the rest of your worries on them, they might charge you after a month or so, but make sure it is not without your consent.
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3. Secure your information:
Most people are concerned about their information being misused. It’s high time to bring out the big guns because to protect your information, you need to be smarter than the thieves. Check your credit history free from different online services offering these services. Regularly practice this to ensure that there is no privacy breach. Secure your credit accounts with different, strong passwords so that it becomes nearly impossible for hackers to trace your account and misuse your information. Use characters and symbols in your passwords. Change your passwords on monthly basis. Always choose a trusted money restoration company because these companies do not want to lose trust of their clients and cause negative effects to their company name.
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4. Credit monitoring does not affect your scores:
It is widely misinterpreted that credit monitoring services adversely affect your credit score. Credit monitoring offers you the security to trace any kind of privacy breach or identity theft. It provides you with credit reports that help you understand your credit history. It should be understood that credit monitoring offers you value and does not affect your score.
5. Limitations of credit monitoring:
It is widely misunderstood that monitoring services will prevent your account from frauds and data breaches. Monitoring services allow you to keep a check on your credit reports to regularly analyze there has been any kind of changes made to your credit history over time. Monitoring services do not prevent scammers from opening fake accounts by your name but only provide you with daily/monthly reports so you can stay updated on what is going on with your credit scores and history.
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6. Choosing a Credit Counseling Organization
By choosing a reputable credit counseling organizations can advise you on managing your money and debt, help you create a budget, and provide free educational materials and workshops. Counselors are trained in their fields and they can advice you properly about money management and budgeting. They will discuss your overall financial situation with you and help you develop a personalized plan to address your money problems. An initial counseling session usually lasts an hour, with follow-up sessions offered.
Final Thoughts
Monitoring your credit score can help you manage your finances and stay in contact with your monthly/annual credit reports and keep an eye on the possible information misuse, data breach, and other online frauds. From estimated survey that there is a credit history breach every 79 seconds in the United States which makes it the fastest-growing digital crime all across the US. By following all of these tips you can monitor and secure your accounts.