Credit Monitoring Services For Better Credit

Credit monitoring is a service that you can get that will keep track of the three major credit-reporting agencies and if there are any changes in an individuals credit file, the service will notify them immediately. This monitoring allows the consumer to keep an eye on their report and rating without having to get the hard copy reports over and over again. Monitoring services also keep the consumer up to date on new postings and any possible reporting errors.

An important and valuable benefit to using a monitoring service is to help the consumer avoid becoming the victim of identity theft. Credit monitoring can be highly effective in the early detection of identity theft or other fraudulent actions. The continuous monitoring of the information can provide significant early warnings to the consumer. Anyone who has a fear of becoming a target of identity theft for any reason should consider enrolling in a reputable monitoring program immediately so that they can get the warnings of any possible abuse.

The FTC estimates that nearly 10 million American's are the victims of identity theft each year and that number is only going up. They also estimate that on average it takes 12 months for the victim of this theft to notice the crime. A monitoring service can alert you sooner before the problems become overwhelming. A credit monitoring service cannot prevent the crime but it can definitely reduce its impact.

One concern that comes up for people when they are thinking about employing a monitoring service is the amount of inquiries that will show on their report if they are continuously monitoring their information. The fact is that only the inquiries from a lender or creditor affect your score and a consumer can check his or her score as often as they wish with no penalty. Another concern is the cost of the service.

14.95 a month or more for the highest level of services. Most will include ID theft reimbursement coverage. Deciding on which service to use may be the most difficult decision to make when it comes to monitoring services. The more frequently a service is willing to contact you the better it will be for you. Some services will offer additional benefits like credit scores, debt analysis and fraud alert to suit a number of needs and requirements for just about any consumer.

The availability of a credit freeze depends on state law or a consumer reporting company's policies; fraud alerts are federal rights intended for consumers who believe they may have been, or actually have been, victims of identity theft. And some states charge a fee for placing or removing a freeze, although it is free to place or remove a fraud alert. Most states have laws that allow consumers to place a credit freeze with consumer reporting companies.

In many of these states, any consumer can freeze their credit file; in others, only identity theft victims can freeze their files. The cost of placing a credit freeze and the lead times vary. 10 per credit reporting company. Contact your state attorney general for the particulars of your state's freeze laws. To place a freeze, contact each of the nationwide consumer reporting companies because a credit freeze placed at one company is not referred to the other companies.

And be aware that the three major credit reporting companies have begun offering credit freezes directly to consumers - for a fee - regardless of whether their state has a freeze law. Placing a credit freeze does not affect your credit score, keep you from getting your free annual credit report, or keep you from buying your credit report or score.

It doesn't prevent you from opening a new account yourself, applying for a job, renting an apartment, or buying insurance, either. In these situations, the business usually needs to review your credit report. You can ask the consumer reporting company to lift your credit freeze temporarily, or remove it altogether.

But the cost and lead times to lift or remove a freeze vary, so it's wise to check with your state authorities or with a consumer reporting company in advance if possible. Federal law gives every consumer the right to one free credit report from each nationwide consumer reporting company every 12 months. Staggering these reports - that is, getting a report from a different company every few months - can help you monitor activity on your credit reports. Identity theft protection companies offer a range of products and services for sale.

Some allow you to "lock," "flag," or "freeze" your credit reports. Often, the companies advertising these services simply are offering to place a fraud alert or credit freeze on your report. These services also may renew or update your alerts or freezes automatically, as long as you continue to pay. Under the law, initial fraud alerts and renewals are available for free if you have reason to believe you have been - or are about to be - a victim of identity theft. Some companies, including consumer reporting companies, offer subscriptions to credit monitoring services. These services track your credit report, and generally send you an email alert reflecting recent activity, such as an inquiry or new account.

Data breaches are now commonplace, but that doesn’t make them any less serious. So when a number of users reported seeing suspicious activity on their credit cards after buying something from OnePlus’ online store, the company launched an investigation to find out what really happened. Now the results are in, and it’s not looking good.

If you do fall into that category, OnePlus should have already reached out via email. According to Android Police, the company is now trying to find a way to provide those customers with one year of free credit monitoring. While it’s unfortunate that a large number of OnePlus customers may have had their credit card info stolen, this is just one more company in the long list of names that have had their payment systems compromised. It might sound pessimistic, but nowadays you can’t really rely on vendors—big or small—to keep your data safe.

A credit monitoring service is a great weapon in the fight against identity theft. It can alert you whenever an identity thief tries to use your personal information to open a new account at a bank or credit card company, or even applies for a cell phone or utility service.

Basically, whenever banks, lenders, and other companies pull your report to review your credit history (which they almost always do before lending money, goods, or services), you’ll know about it. If any of these credit inquiries are performed by companies you have no relationship with, it might signify an identity thief at work. Make sure the service you sign up for monitors reports from all three major credit bureaus.