Posted on 2016-03-31 09:00:39
Back in the old days credit decisions were based on a relationship or a creditor’s feelings. Now, it’s your credit report. Creditors may look at your actual credit report or at the credit score calculated based on the information in your credit report. Either way, credit decisions are more black and white than they used to be. That makes an accurate credit report—one that is telling the right story—so important. A credit monitoring service can handle the challenging task of keeping tabs on that important financial document – your credit report. Credit monitoring helps you maintain an accurate credit report. The worst mistake on your credit report is the one you don’t know about. With credit monitoring you will know about important changes as they happen, putting you in a position to take swift action. Some of the activity a credit monitoring service looks for includes: • New accounts opened • New public records • Changes to public records • Changes to account information • Inquiries to your credit file • Address changes Credit monitoring alerts you to signs of identity theft. While credit monitoring cannot prevent identity theft (nor can anything else!), the kind of changes a credit monitoring service looks for on your credit report are the very things that could signal identity theft in progress. Credit monitoring puts time on your side when signs of identity theft show up on your credit report.