Credit problems often stem from a lack of knowledge of what value credit monitoring services provide. Their is tremendous value clients can get from keeping an eye on their credit reports with a 3 credit report and 3 scores membership from a reputable credit monitoring service. In this post I will highlight 5 Important Reasons to Use Credit Monitoring Services.
1. Learning what your report maintains about you is one of the most important factors. A credit monitoring service gives you first hand knowledge of anyone checking your credit. The proof is always going to show up when an application for credit is received in your name and identifying information. Inquiries reveal who and why such access was granted to your credit information.
2. Wonder whether a missed payment was recorded on a credit account? Maybe you feel the payment wasn’t applied properly when you wrote a check to the bank for the payment. It happens and the results will show up on your credit report. A credit monitoring service will provide a detail record of any missed payments.
3. Someone using your identity can happen so fast that most people don’t even know it is happening to them or happened at some point.
Identity theft is the leading most damaging reason a credit monitoring service is needed. You may feel well, “my credit is terrible, and if they get my credit nothing will happen becauase I can’t get a loan!”. I most tell you, a credit identity can be modified and identity thieves can still do damage because they can become you on some other level. It’s serious and happening everyday.
4. There are different types of credit monitoring services. Some offer identity theft protection, others provide and in depth analysis of accounts and creditors data. Not all services will provide a new monthly credit report update, but alerts should be part of your management tools. Alerts are a life-saver because if an account is flagged and frozen for a bad pin number, out of town use, or even unverified transactions. Alerts can stop you legitimately and a thief immediately.
5. Insuring your safety is another great benefit. Many companies will offer insurance for being a member in the event you need to file a claim for identity theft. Benefit amount may vary from $1 million to $3 million. The cost to clean it up can be daunting, however, depending on your records and the use of a credit monitoring services, you ability to tackle it can be successful.
Building high credit scores requires a lot of tools and this one of the smartest decisions you can use to guard yourself from the disasters that can ruin your credit and finances. This year can be your best year because you made the decision to be proactive to build your credit and move to new financial heights!
Want to learn more with specific steps and actions to restore and rebuild your damaged credit? I wrote a very unique and never revealed report on how to Build a Rock Solid Credit Profile and it includes a companion Checklist to help you gauge your progress.
This is one incredibly strategic tool you must understand to get where you want to be.