WHAT IS CREDIT MONITORING AND WHY IT IS IMPORTANT

Credit Monitoring is a service that alerts you to any changes in your credit reports. If someone attempts to use your personal information to open a credit account, you’ll be notified immediately rather than months or even years later.

Besides new accounts opened in your name, credit monitoring will alert you to a new address or name changes to your credit file and of course suspicious activity such as unusual balance increases.

Monitoring your credit is important because it helps you to understand your financial standing and identify potential issues that may affect your ability to obtain credit in the future. If there are errors on your credit report, they can lead to a lower credit score, which can make it more difficult to obtain credit and may also result in higher interest rates. By regularly checking your credit report and score, you can ensure that the information on file is accurate and up-to-date and address any errors or discrepancies that may be negatively impacting your score. Another benefit of monitoring your credit is that it can help you to detect identity theft. By regularly checking your credit report and monitoring your accounts for suspicious activity, you can catch any unauthorized transactions or accounts that may have been opened in your name. This can prevent identity thieves from causing long-term damage to your credit and can help you to quickly address any issues that may have arisen.

Monitoring your credit score will give you an idea of how you are doing financially. It will help you to identify areas where you need to improve and take steps to improve your credit score so that you can qualify for better credit terms and lower interest rates. It also helps you to plan your financial future, whether you want to buy a house, car or any other big-ticket item. In conclusion, monitoring your credit is an important step in managing your finances and ensuring that you have the best possible credit standing. It allows you to keep track of your credit history, detect and protect yourself from identity theft and make informed decisions about your financial future. By regularly checking your credit report and score, you can protect your credit and be prepared to take advantage of financial opportunities that may arise.

FINDING THE BEST CREDIT MONITORING SERVICE FOR YOU – PAID vs FREE

Monthly Service Fees

Although there are free credit monitoring services available, they typically have limited coverage. Premium services offer extensive credit protection features to help better protect you against fraud and identity theft. You'll get more comprehensive protection, including triple-bureau credit monitoring, extensive fraud alerts and identity theft insurance up to $1 million — which aren't available with free plans.

Credit monitoring companies charge monthly fees usually between $10 and $30. Before signing up, be aware the cancellation policy, and what your rights are if the service fails you.

Free No Cost

You can monitor your credit on your own for free. Here’s how to protect yourself:

• Get a credit freeze, which experts consider the strongest protection from criminals accessing your credit without permission.
• Check the detailed information on your credit reports. Federal law entitles you to a free annual credit report from each of the three major credit reporting agencies — Equifax, Experian and TransUnion. However, in response to the pandemic, the credit bureaus are offering them weekly through the end of 2023. If you find an error on any report, dispute it.
• Sign up for a service from a personal finance website or your credit card company, they’ll usually offer free credit scores. There are other options such as AnnualCreditReport.com that offers free credit report information so you can watch for any changes in your score.

ARE FREE CREDIT MONITORING SERVICES ANY GOOD?

ARE FREE CREDIT MONITORING SERVICES ANY GOOD?

Free credit monitoring is appealing as everyone loves to save money. There’s nothing wrong with using a free service however, there are a couple of drawbacks consumers should keep in mind.

Get ready for ads

All services that are free have a common denominator, advertising. When using a free credit monitoring service, you should expect to see financial advertisements quite frequently. If you sign up for an advertised product or service, the credit monitoring provider receives a commission.

Limited access to the bureaus

Free services usually will not include access to all three credit reports. You’ll be able to review your information on one or two credit bureaus and usually you’re only able to download a credit report summary, not a full copy of your consumer credit disclosure.

CREDIT MONITORING SERVICES – FREE  

There are free and paid credit monitoring services for the DIY consumer. Most are single bureau reports. IAPDA recommends the following free and paid for Credit Monitoring services.

Experian 

Credit Sesame 

Credit Karma   

CREDIT MONITORING SERVICES – PAID  

Paid credit monitoring services offer additional features such as your tri-bureau credit score, identity theft protection, and more frequent credit report updates.  

Paid services also offer more comprehensive support if you detect suspicious activity on your credit report.  

IAPDA recommends an affordable Tri-Bureau Credit Monitoring Service that provides the needed tools to not only protect your credit reports but help identify potential consumer protection violations:

IAPDA OFFERS CONSUMERS A FREE CREDIT REPORT ANALYSIS AND CONSULTATION BY A CONSUMER PROTECTION ATTORNEY. 

• Are your credit reports up to date? 
• Is there any incorrect information that you do not agree with?  
• Are you concerned about protecting your personal financial information?  

IAPDA provides a no cost, hassle free Attorney Consultation for all consumers. Speak with a consumer protection attorney who will perform a detailed review of your credit report identifying any irregularities or potential violations eligible for dispute or litigation. Click the 'GET HELP' button for a free consultation.