Credit monitoring is a service that keeps watch over our credit reports and scores so we know where we stand each and everyday. It is very important to know our credit situation BEFORE we apply for any new credit!
We have all heard the stories. Your car dies so you go to the dealership to purchase a new one, only to find out you have a low credit score and they are sticking you with a 19% interest rate. Or, you decide you want to purchase a new home, only to find out that you don’t qualify because you have some derogatory information on your credit report, causing a low credit score.
When we subscribe to a credit monitoring service, any changes to our credit report or score will result in a notification being sent to us by text or email, alerting us of this change. This includes any application made in our name for new credit, any new accounts reported to our credit report (including new collection accounts), any increase or decrease in our credit card balances or credit limits, any accounts that are paid 30 days late or more, any new public record items like judgments or tax liens, and any increase or decrease to our credit score. It will even alert us of a change in our address. Knowing this information will not only help us manage our credit profile and be more responsible, it will also warn us if someone has stolen our credit card and is using it excessively, or worse yet, opening new accounts in our name because our identity has been stolen.
Simply put, having credit monitoring allows us to be proactive and to know our credit situation before we need it, each and every day!
Many of us receive a free credit score each month from our credit card or bank. Although good information, this is not enough as it is only one credit score from one of the three credit bureaus and does not include any credit report details.
There are hundreds of companies that offer credit monitoring. Some are free with limited services, while others are very expensive. Free credit monitoring sites such as Credit Karma only provide information from Equifax and TransUnion, and do not include Experian. When monitoring our credit, it is important to monitor all 3 credit bureaus.
We need to be sure to choose a credit monitoring company, such as Identity IQ, that offers the following benefits:
- Experian, Equifax and TransUnion credit reports and scores
- Daily credit monitoring and alerts
- Credit scores tracked monthly
- Credit report that can be refreshed every 30 days
- $1,000,000 in identity theft insurance
Receive our special Identity IQ pricing of $1 for the first 30 days, $19.99 per month thereafter, when using our link at www.totalcreditscores.com.
Call me if you or your clients need assistance with their credit, or if you have any credit related questions!