subject: Credit Monitoring: A Service for Financial Security [print this page] Credit Monitoring: A Service for Financial Security
The higher paced lives has changed the way we always shop or purchase products and services. In the earlier days it was as simple as visiting the merchant and buy whatever you need. But with the passage of time it has been shifted to credit system. Credit is very crucial in all the financial decisions and whenever we plan to purchase property or apply for a loan, our credit score is checked. The credit score helps us in many ways for example, if one is having a good credit score he can get the loan easily. Credit score is considered by all of the banks and also insurance agencies.
Credit score varies according to the financial activity of the person and if one is paying all of the dues in time and confirms a trust level then the credit score gets into positive direction. At the same time, a negative credit score can give us a lot of trouble in filing loans and all of the financial supports. It is necessary to monitor your credit either by yourself, individuals or certain certified services. I'm going to explain the concept of credit monitoring and various factors that you must consider to have chosen a credit monitoring service.
Credit monitoring is an easy process by which your credit is frequently being monitored for any negative trait in credit report. These credit monitoring services have a detailed look at your account for any sort of negative influence that might lead to a negative credit score. The higher level of work pressure and sometimes lack of knowledge lead people to opt for these services and the trend of having a credit monitoring service is raising everyday. If an individual has sufficient knowledge of the different factors included in credit area, he can gain highest benefit from this service.
You may be wondering how a credit monitoring service may help you, let me explain to you on this not so seriously taken issue. With the advance in banking the rate of credit frauds has reached a new level. These frauds leave an adverse impact on your credit score and therefore lowering down your credit score. Some of you might be convinced that I never use my security code or disclose it to anybody thus I am safe but my friend, these frauds don't need your credit code. At this stage if you'd have opted for a credit monitoring service than you could be saved. These services do frequent credit report monitoring and might have informed you in case of any such activity.
In general the credit monitoring services assist you in identifying any possible id theft and these services have a vigil eye on your credit reports to save you from any such fraud. A person has to pay an annual fee for using these services that may vary from $100-$150 and for some of you may be this amount is huge enough to waste it on such service. But if you realize the risk factors in going without a credit monitoring service, you will opt for one.
