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Everyone's Subscribing to Credit Monitoring Services – Here's WhyMarch 14, 2016
With instances of data security breaches on the rise, millions of Americans are now subscribing to credit monitoring and ID theft prevention services. This is not surprising. After all, having one's identity stolen, or even the mere thought of it, can be quite scary. By registering for a credit monitoring service, you can better safeguard your identity and keep close tabs on your credit score as well.
For a nominal fee, quality credit monitoring services provide subscribers with access to their credit report and credit score from all three credit bureaus, anytime they want. Consumers are also given periodic updates and notifications about the activities that take place in their credit accounts. As a credit user, the small fee you pay is well worth the money.
If you've been a victim of identity theft in the past and are afraid that your personal information might be still accessible to crooks, credit monitoring services can be helpful. A credit monitoring service will alert you to any new credit accounts that are opened in your name. Once informed, you can promptly look into the matter and repair damages, if any.
Credit monitoring services are especially beneficial if you're planning a major credit purchase in the near future, if you're just starting to build your credit, or if you're rebuilding after a financial disaster. In any of these cases, it's essential that your credit report be clean. Through these services, you can track any changes to your credit report.
By reviewing your credit files frequently, you'll be improving your financial literacy and enhancing your credit awareness.
If you want a fast or cheap solution, consider this: by law, the three credit bureaus – Experian, TransUnion, and Equifax, are required to provide consumers with their credit information once a year. If you space them out, you can get a regular look at your credit once every four months, at no cost. That said, you should be wary of imposter sites and visit AnnualCreditReport.com for this purpose, where reports are actually free. These are acceptable for a quick score check, but credit reports are updated monthly. So one report yearly is not going to give you an accurate representation of your credit.
Consider monitoring all your transactions in one place by using an online aggregation tool, such as Mint.com. This free service will "gather all your financial information into one place, giving you the whole picture in a way that's easy to understand and take advantage of." Your bank or financial institution may also offer a facility through which you can see your bank accounts, credit cards and investment accounts all in one place.
These are the credit monitoring services that we recommend to our clients so that we can monitor changes and maximize long-term lendability to leverage 0% interest business funding:
- Credit Check Total provides credit monitoring and scores for all three bureaus. It does include payment history, account information, personal information and the ability to dispute discrepancies directly through their website.
- ScoreSense also provides reports and scores for all three bureaus. ScoreSense does include a more detailed breakdown of each account. For example, whether you are the primary borrower or authorized user on a joint account. Additionally they offer Identity Theft Insurance as well as an integrated dispute center for correcting inaccurate information.
- IdentityGuard is a great solution if you have good credit and may not need to consistently pull new reports. They provide monitoring and credit scores for all three bureaus and you can pull a new report four times a year. As a higher end service, they include several protective and preventative solutions such as ID verification alerts, lost wallet protection, and Internet Black Market monitoring and alerts if ever your information is compromised.
The process of monitoring credit is quite simple, especially if you engage a credit monitoring agency for the purpose. Being informed about your credit will empower you to leverage your good credit to grow and invest in your business – without affecting your personal credit. If you need business financing in the range of $50,000 – $250,000, all you need to do is call our team at Fund&Grow. We can help you get unsecured business credit at 0% interest, without proof of income, guaranteed! If you have questions about your credit, restoring your credit, or obtaining $250,000 of funding, contact us today!