Credit Score Monitoring - Is It Something You or Your Family Might Need?

Credit Score Monitoring - Is It Something You or Your Family Might Need

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In this day and time people really need to guard their credit scores as much as they do their money in the bank. If you have money in the bank you can just pay for something. If you don't and you want to buy something then you need a good credit rating.

Your good credit rating will not only get you approval but can also get you a decent interest rate.

Given the importance of good credit scores there are a number of reasons you might want to use a credit monitoring service for a period of time.

A lot of companies have engaged the services of credit monitoring companies for their employees when some breach of the employee's personal data has occurred. For instance, I have a friend who worked for a company that paid for a year of credit monitoring services for the employees whose Social Security numbers where on a list that had gotten distributed by a disgruntled employee who had had access to that information.

Here are a list of reasons that you may want to engage a credit monitoring service for yourself:

You are too busy - Remembering to pull your credit report and scores on periodic basis just doesn't fit into your schedule. And since times flies you may not even realize that it has been a year since you last looked at your credit file.

Creditors report daily - and creditors and credit reporting agency employees make errors that can impact your credit scores in a flash. You would want to get these errors corrected as soon as possible.

Alerts for any shift in your credit score - A good credit monitoring service will generally email you upon any significant shift in your credit score. Once again if you do not already know the cause of this shift you can attack the problem immediately.

Knowing the impact of your credit actions - You will be able to see how your financial activities impact your credit scores. For instance, if you are late making your car payment you will be able to see the negative impact that late payment had on your credit scores. This might give you some real incentive to change your financial habits. On the flip side if you are taking steps to improve your credit score you can know when and how much impact those actions have on your credit scores.

Knowing where you stand before applying for a loan - Not only will this save you the embarrassment and heartbreak of being declined, in some cases it can give you some real bargaining power on loan terms.

Have a child over 13 years old - Children over 13 years old that have a social security number are prime prospects for identity theft, because their credit report is not likely to be retrieved for years to come at which time the thief will be hard to find if not long gone all together.

Think about this. You get a bank statement each month about your cash in the bank and you can usually either go online or call your bank and check your balance or anything about a specific check almost daily. But you check your credit score and history once every blue moon?

What about the cost? Well, there is a small monthly fee to enroll in a credit monitoring service. You will usually have unlimited access to your credit scores and credit report. If you purchase a tri-merge credit report and scores once a quarter you will also be paying a fee quarterly and that is all you will get. You won't have daily alerts which can give you a real heads up on any fraudulent activity so you can react quickly. You won't be able to look at your scores or report again until you retrieve your report again yourself.

For more information about checking your credit scores and using a reputable credit monitoring service visit: Check Credit Score. While you are there you might also be interested in the page on What's A Good Credit Score.

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