What Is Credit Monitoring?

A credit monitoring agency monitors an individual’s credit history and score and provides them with updates and alerts. They normally provide these alerts if there are any significant changes or unusual activity that could affect someone’s ability to get credit. In this article we’ll explore the main services that a credit monitoring agency can provide.

Providing ongoing information on your credit score and credit worthiness
Credit monitoring agencies will provide regular updates on your credit score which can be a useful measure of whether you would be able to get credit and if you would receive preferential interest rates or repayment terms. You will be able to check your credit score on a regular basis and may receive alerts if your score changes substantially..

Providing your credit history and credit report
Your credit history includes details of the various credit that you already have, how good you are at repaying your loans, the total amount of credit you have been offered and various other details. In addition to having information on you, your credit report can also be influenced by family members, your partner or other people that live at the same address. It is the various aspects of your credit history that are used to calculate your overall credit score.

Protecting against identity theft
Identity theft is one of the more prevalent electronic crimes in the modern world. Credit monitoring can help to protect against this by alerting you if there is suspicious activity on your credit history. This could include:

  • Gaining your credit card or bank account information.
  • Impersonating you to gain credit or for other fraudulent activity.
  • Other illegal activities such as theft or deception.

There are several businesses that you can get credit monitoring from. The main credit scoring agencies such as Equifax and Experian provide these services and also offer a free, one month trial so that you can see if the service would work for you.

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