Keeping an Eye on Credit Accounts Through Credit Monitoring Services

Keeping an Eye on Credit Accounts Through Credit Monitoring Services

Identity theft and credit-related fraud have become prevalent nowadays. Information regarding the finances can easily go out of hand, making it easy for the culprits to use them for their own good. Although certain efforts have been put up by the government and other concerned sectors, it is important that a person himself can initiate a defense from such crimes. By employing a credit monitoring service, one can ensure the safety of his credit information.

Credit monitoring is a type of financial account service that aims to give a person an assurance that his financial records are safe from unauthorized use or theft. Often provided through a monthly subscription, this service serves as a watchdog for suspicious credit activities. It alarms the account owner whenever a change has been recorded which is not initiated by him. If the act is proven as unauthorized, the credit reporting bureau can easily be notified so they can track down the perpetrator and clear the owner out of this illegal use of credit information.

The main task of a credit account monitoring service is to provide a person with reports coming from the three state-recognized credit bureaus. Generally, a person can only get copies of his credit reports once a year; although the said copies are available for free. The long interval for getting a review of the financial account often results to culprits stealing the credit information without even getting caught. Through this dedicated monitoring service, one can get a regular access to his credit reports as part of the campaign to detect fraudulent activities that have been made with the credit account/s. The credit bureaus themselves have their own monitoring services that they offer for a little monthly fee. These bureaus are the Equifax, Experian and TransUnion. However, you may prefer other companies that offer the same reliability as these reputable bureaus.

When looking for the right monitoring service for your credit accounts, it is important to consider several points. You have to specify the methods of alerting you about the credit activities, as well as the bureau from which you want to obtain a copy of your credit report. Also, the frequency of alerts must be clearly indicated so that you will never complain about the pile of updates in your email. Still, no matter how you want the company to inform you about your credit account, it will nonetheless alert you whenever a fraudulent activity has been detected. This is a good thing especially if are handling a multiple credit accounts.

Another point to consider when choosing the ideal monitoring service is the amount of fee that the company collects on a monthly basis. Although a majority of companies offer the same services to their clients, it is advisable to go for the one that provide further backups for a reasonable fee. For example, if the company also provides assistance for informing the credit bureau about an illegal transaction, it is therefore a preferable service to employ. The fee that it charges for the additional service only seems sensible. Through this follow-up support, you are spared of the usual hassles that go along with tracking down a theft.

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