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Credit Monitoring Services – 3 Quick Takeaways

credit monitoring services

Table of Contents - 3 Takeaways About Credit Monitoring Services

Credit Monitoring Services – 3 Quick Takeaways 

Credit Monitoring Services keeps track of the user account so that it can reduce the chance of errors or theft issues in the credit account. Statistics of Fortunly estimated that nearly 33% of Americans were the victims of identity theft. Attackers make use of hacking technologies to steal the identity of the user and enjoy the benefits of their accounts. Credit monitoring services help to identify these sorts of theft along with other uses like boosting credit scores as well. This article will elaborate the credit monitoring in detail and help you with three quick takeaways. This article focuses on what the facts are and has information that can help you. 

What Are Credit Monitoring Services?

Credit monitoring services are the process of closely monitoring the changes in credit accounts. This process will check if there is any suspicious activity in the user account and check for authenticity. These dedicated credit monitoring services can help people quickly realize if there are any fraudulent actions in their accounts. This service can also support customers with credit score analysis and ensure the creditworthiness of the account holders.

Why Use Credit Monitoring Services?

Everybody who uses credit accounts does not have as much time to keep track of every single operation in their accounts. They can not often check how their credit is performing. This can affect users by leaving them unaware of the drops in their credit scores and they might not get the opportunity to learn about the fraudulent activities or suspicious entries. Credit monitoring is a savior to people who cannot spend their whole time taking care of their accounts.

One other reason why people prefer credit monitoring services is professionalism. An established credit monitoring service can make use of the expertise to ensure a quality service. 

Three Takeaways From Credit Monitoring Services

Credit Monitoring Service Whether you are concerned about identity theft or seek to secure a loan for a car or a home, knowing what is happening with your credit is imperative in today’s world. Credit monitoring services can keep you up to date with any changes made to your credit report and keep you informed of your credit scores. However, the credit scores you receive from a credit monitoring service are usually not your actual FICO scores, used by 90% of lenders in making lending decisions.  

Why Should I Use a Credit Monitoring Service?

A credit monitoring service provides you with a copy of your credit report so you can verify the information on it (whether it is correct or not). In addition, a credit monitoring service should also alert you whenever there is a change to your credit report. There are a few reasons you would want to utilize this type of service. Check out this blog to know the importance of FICO scores.

Identity Theft

Identity theft has existed for centuries, but not to the extent we see it today. As more financial transactions and information processing is done through electronic means, personal identity and financial information are transferred and shared through cyberspace at unbelievable speeds and frequency. Even though businesses go to great lengths to keep your information secure, every time you make a purchase or pay a bill with a debit or credit card, your data can be accessed by those who know how to break through the security measures which are in place.

New Financing

When you are ready to purchase a new car or home, or need to apply for a loan for any reason, lenders check your credit to decide whether or not to approve the credit you are applying for. If you don’t know what is on your credit report, you can pay higher interest rates or even be denied the credit you seek due to the incorrect information a lender finds on your credit report. Unsurprisingly, it is common for information to be incorrectly listed on credit reports due to similar names and other personal information of people, along with the human error in the reporting.

Credit Score

Different credit monitoring services provide different levels of service, but all of them allow you to keep an eye on your credit score. The problem is, that not all credit scores are the same. Each of the three credit reporting bureaus may have a different score. Each bureau calculates your credit score based on the information which has been reported to them, but not all creditors report to all three bureaus Experian, Equifax, and TransUnion.   So how do you know what you’re getting and what information lenders are getting when you apply for credit? Watch Jason M. Kaplan of The Credit Pros explain how the differences occur and what you need to look for when choosing a credit monitoring service:

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Frequently Asked Questions

What are credit monitoring services?

A credit monitoring service tracks the activities in your credit account. This constant monitoring process alerts the user of abnormal activities and also notifies them of their creditworthy status so that users can make immediate actions to resolve any issues. 

What are the benefits of credit monitoring services?

  • Reduces human efforts
  • Saves Times
  • Quality and professional service
  • Helps users with financial decisions. 

Are credit monitoring services worthy?

Credit is not something that the general public could perform. It is possible for anybody to check their reports at regular intervals and make sure things go well. However, this service is best for people who are not aware of credit concepts. 

Final Thoughts

Credit Monitoring services like credit repair provides by TheCreditPros can take full charge of the customer’s credit accounts. If you are a new user who is not aware of your credit score, or if you do not have time to track your account. This cheap credit repair service can highly benefit you to alert you if there is any suspicious activity like identity theft. If you are contemplating making the right financial decision, a credit consultation call on a credit monitoring service will help you understand the status of your credit. 

For more information, call us at  1-800 411-3050

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