One of the recent and growing criminal trends in the last couple of years has been identity theft. More and more criminals are becoming adept at stealing information and using it for fraudulent purposes.
In an effort to protect themselves against this type of activity, consumers have turned to monitoring »” rel=”nofollow”>credit score monitoring companies.
How do these agencies work and are they a good fit for you?
Though credit score monitoring firms have their inherent advantages, they are not a slam dunk decision for consumers. These companies keep an eye on your credit bureau report for you, just so you wonâ€™t have to worry about anything.
It sounds great on the surface, but there are some things to know about credit score monitoring agencies. They donâ€™t always catch every little thing that can impact your credit score. You might have a better chance of figuring out these things if you check your credit report on your own.
In addition, these services really lack punch when it comes to stopping problems. The only thing that they will do for you is to let you know when something unfortunate does happen.
Though this is definitely better than not knowing about problems, it does not do you any good as far as protecting yourself goes. With this in mind, credit score monitoring might not be the most cost effective idea for a lot of consumers.
That brings us to another point about credit monitoring that needs to be addressed. These services are expensive and they cost a good bit each and every month. For a lot of consumers, that money would be better spent elsewhere. Because you can get a free credit report from each service every year, it makes more sense to simply get those and then monitor them yourself.
You may have to pay a little bit to get a copy of your credit report more than once a year, but the numbers will work out in the end if you go that way.
Though credit monitoring can have its obvious benefits, there are also an awful lot of downsides to it, as well. If you are responsible and you can remember to do it each and every month, you will save a lot of money and protect yourself more effectively by simply getting your own report.