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Do I Need Credit Monitoring?

August 26, 2021

Have you ever been blindsided by your credit score? Maybe you applied for an auto loan or a new credit card and got denied due to your credit score not being where it was a few months ago when you last checked.  

Credit scores are ever-changing and can either drop or increase drastically. Don’t allow your credit score to catch you off guard, and submit every application confident in what the lenders will see when viewing your report.  

It’s time to ditch one of the four streaming services you have and prioritize your finances with credit monitoring. 

Yes, seeing your score go up is satisfying to watch, but there is more to gain from credit monitoring than this.  

These are four reasons credit monitoring is a worthwhile investment you shouldn’t overlook. 

1. Protect Yourself from Identity Fraud 

Reports show that identity theft is the fastest growing online crime in the United States, where a case occurs once every 79 seconds. According to the FTC (Federal Trade Commission), 42% of all frauds reported to authorities are from identity theft.  

The most serious cases of identity theft occur when the criminal has been operating an account for more than six months without being detected. The shocking part is that this is avoidable by signing up for a credit monitoring service. 

By checking your inquiries and reviewing what accounts have been opened and used, you can determine if applications are submitted using your credit report. By checking your credit, you are sure to catch any fraud before it becomes a bigger problem, allowing you to protect yourself from this common form of crime.

2. Detect Inaccurate and Incomplete Information 

Believe it or not, the credit reporting agencies make mistakes, and your credit report is not somewhere you want mistakes. 

They can accidentally report misspellings or inaccurate personal information. You want to keep your personal information such as name changes, addresses, and date of birth as up-to-date as possible. Any inaccuracies could lead to verification issues with lenders or indicate that you are a victim of identity theft. 

They may be showing your name or address incorrectly, but do you know if they are? With credit monitoring, you do.  

In monitoring your credit, you may see derogatory items reporting that should not be there. Maybe there is a recent late remark on an account you are sure you paid. It likely would have gone unnoticed without viewing your credit. Now that you are aware of it, you can contact the company reporting that inaccuracy to have it corrected or disputed directly with the bureaus to investigate the remark. 

It is a lot easier to have one late remark removed than multiple, so it is wise to regularly review your payment history to ensure no mistakes are present that make it appear you missed a payment! 

3. Make Yourself Aware of What the Lenders May Be Seeing 

When applying for a mortgage, loan, or credit card, your credit will be looked at by the lender. Without knowing what they are seeing, you may feel unsure of whether you will be approved. 

Credit monitoring allows you to know what the lenders will see before applying for anything. If you see something you don’t think they will like, you can take action to resolve the issue before applying.  

You are applying for a new credit card, for example. While applying, understanding your utilization is vital, so you may want to keep an eye on your credit report to make sure your payments reflect. It updates approximately every 30 days, so if you recently made a payment, it likely hasn't been reported yet. If this is the situation, you may want to monitor that account to avoid the current balance going unnoticed and the lenders seeing outdated information. 

Monitoring your credit to ensure everything is reporting in an ideal manner will help you get approvals and the best interest rates!

4. It Doesn’t Need to Cost an Arm and A Leg 

Despite what some credit monitoring services may offer, viewing your credit reports doesn’t have to be expensive, and it shouldn’t be!  

There are some free options, such as Credit Karma or Experian’s Free Version. The only negative to the free version is that you may have limited access to your reports. You may only be allowed a certain number of times to view them or limited access to information. 

To get the full benefit of credit monitoring, you need 24/7 access to all three major credit reporting agencies. Don’t rely on the last update from two weeks ago, and you still have two weeks until your next update like you have to with the free credit monitoring services. 

Some credit monitoring services will run you close to $18/month or upwards of $40/month, which is outrageous.  

It is YOUR report, and you should have 24/7 access to Experian, TransUnion, and Equifax at an affordable price. Fund&Grow Credit Services does just that. You get 24/7 access at a great price of $15.95/month. The monthly auto-billed subscription ensures that you never forget to prioritize protecting yourself from fraud and check that your reports are ready for application submissions! 

Credit monitoring is a necessity to ensure your information is protected and accurate. It is a way to know your chances of being approved for a new auto loan, mortgage, or credit card before even applying. 

Regardless of how many active subscriptions you have, you should either add or substitute one for a credit monitoring service! 

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