Credit Monitoring & Uses?
a. Monitor Your Credit Before It Monitors You:
Hey, I earn my bucks and pay my bills, what else do you want me to do? This is what many people think when questioned about Credit Monitoring. But, the fact is, there’s lot more any body can do to keep their dough safe. It doesn’t matter how much you earn; what matters is how safe you keep it. Yeah, you heard me right! Credit Monitoring is all about guarding your credit and keeping your finances safe.
Federal Trade Commission reports several thousands of people fall prey to identity theft every year. For those who wish to join the bandwagon and play a martyr we have nothing to say. Suit yourself. But, if you do not wish to be victimized, then, we will tell you how you can play safe.
b. Reap The Following Benefits:
- Control Your Credit: Monitoring your credit will let you know your earnings, expenses, savings and all other transactions that you carry on with your credit cards, debit cards and stores cards. You will be in full control of your finances and need not wonder- to where all your money is going.
- To err is common: Who says that banks can never err? Let’s get real. There is all possibility that errors can creep in to your bank statements and if went unnoticed, you might end up losing money for nothing. Check your bank statements, credit/debit card statements and your credit reports often thoroughly. Even a wrongly printed single digit can make a great difference to your wallet and to your life in general. If you find anything fishy you know where to honk the horn!
- Hire A Credit Monitoring Agency: If your hands are full, go get the help of a major credit monitoring bureau to do the math for you. For few bucks they might be able to guard, gauge and bring your entire credit thing on track. Do some homework before approaching any credit monitoring service in the market. Go for the reputed ones to minimize risk.
- Grab The Free Credit Report: You can also get free credit report from any of the 3 major Credit Bureaus- Experian, Equifax and TransUnion for free. You can even ask all of these Credit ureaus to send you the report.
- Study Your Card Statements: Let’s admit it, we love our plastic cards - the magical ritual of swiping in the card and taking the currency out is so damn cool. Wait a minute, have you ever bothered to read the receipt after you withdraw the cash or every credit/debit card statement that you receive every month in your inbox! Nopes, sounds not-so-cool right! Hang on a second. This is the biggest mistake most of the card holders commit while using the plastic cards. Read each and every mail and mail alerts you receive from banks and credit agencies. If there is something that you didn’t understand, always ask the concerned authority and make an effort to find out everything about it.
- Protect Your Credit Score: Credit reports affect your credit score a lot. Whether you are applying for mortgage, planning to purchase a property or undertake any such other major venture, credit score is what you need the most. Unknown entries or deletions of your credit record will adversely affect your credit report and can thus spoil your financial image as well. You don’t want somebody else to eat the pie while you struggle to rake in the moolah right! So, do not allow anybody to mess with your credit record.
- Shield Your Computer: You never leave the doors of your home open for the thieves to break in right; then, why you leave your computer unguarded! Install the latest security software on your computer to prevent identity theft. Watch out for Trojans and Scammers that might attempt to steal your bank passwords, account numbers etc. If you find any suspicious activity in your inbox online, report it immediately.
Monitoring your credit will not only help you get back on your feet but will also help you keep going smooth financially for long.
Importance of Credit Report Monitoring
a. Credit Monitoring – A Necessity or Accessory?
How often do you check your credit report? This is the question which many people cannot possibly answer. People often spend more time in managing their credit rather than checking it for discrepancies or anomalies. Thanks to tough times! There’s a bumpy road ahead for everyone. You don’t want to wake up one day and realize that you have lost all your hard-earned cash to some crook that is simply preying upon other’s earnings. Then, why not monitor your credit and spare yourself from the hassles of identity theft and credit frauds!
b. Do-it-Yourself
If you are a do-it-yourself type guy, then you can take the reins of credit monitoring into your own hands and start gathering your credit reports from the three major Credit Bureaus Experian, Equifax or TransUnion.
You can either opt for one of the bureaus or ask all of them to deliver you the reports. Getting full information doesn’t hurt right? That too, all this is for free. Sweat a little, so that you need not pay bucks to a third-party to monitor your credit. Well, if you have no time to spare but do have money to squander then you can hire the services of a Credit Monitoring Agency.
c. No Rocket Science!
Monitoring credit might sound scary but it is simple and easy in reality. Just keep your eyes open and watch out for the errors or suspicious charges in your bills. Once you smell something creepy, raise a hue and cry with the bank and get it rectified. First, acquaint yourself with the terminology in your credit card statement and reports. Know what each term signifies and how much amount you are ought to pay for each of the services rendered to you by the issuer. Check the amount deducted for these services. See whether any new accounts were opened on your name that you don’t know of. Don’t skip reading any of the mails from the banks and the credit agencies. Who knows what change of policy or a word of caution they might be carrying? Always, read the fine print.
d. Words of Wisdom
Remember few things to avoid falling into the pitfalls of credit fraud:
- Keep you computer up-to-date and secure to combat cyber invasions and hackers.
- Sharing your passwords, PIN numbers is a total no-no.
- Make all the old receipts and confidential financial data disappear by shredding them regularly.
- Do not answer calls or mails asking for your bank details or PIN number. Banks wouldn’t ask for such information indiscreetly.
Credit Monitoring Services
a. Stop Playing A Martyr
Why the heck should I use Credit Monitoring Services? That’s a good question, if you are a novice in the matters of credit, using computers and all. But, if you are saying this out of arrogance; then, you are in for big trouble and no body can save you from that. Later on, when you end up with loans whose inkling defies your knowledge do not consider yourself a martyr!
Do you like being vulnerable to theft? No right! Then, why should you leave your credit out in the open? Why don’t you guard your credit from identity theft and credit frauds? Credit Monitoring Services will help you safeguard your credit record, online identity and other confidential information for a price.
b. Free Reports:
According to law, you are entitled to free credit reports from any or all of the 3 Credit Bureaus Experian, Equifax and TransUnion annually. Mind you, these are just credit reports and do not contain any information about your credit score. If you want to know your credit score then you need to opt for paid services and get your credit score separately.
c. How Will The Alarm Work?
Credit Monitoring Services resemble home security alarm systems in their functioning. These agencies will intimate you whenever some body tries to mess with your credit record and thus warns you about the impending danger. Whether a new loan was taken on your name or a new vehicle was purchased using your credit record you will be alerted immediately. Yes, these things do happen. People often try to make purchases with stolen credit records, break into other people’s accounts and carry on transactions without the knowledge of the account owner etc. Do you know that there are several thousands of people out there looking for your bank account passwords, computers that are vulnerable to hacking so that they can make a quick buck out of it?
You might be wondering that, why can’t you monitor your credit in your own! You can’t watch over your entrance door through the night right? In the same way, there might be times when you tend to overlook some important detail of protection. This is where credit monitoring agencies come in handy. Credit Monitoring Agencies are professional, competent and have been in this industry for long. The wise thing to do is to hire them.
d. Set The Alarm On:
As every individual’s credit records are unique, so are their credit security needs. Ask yourself what kind of credit protection do you need? How many dollars are you ready to spare for these credit monitoring services? These factors will decide the right kind of Credit Monitoring service for you.
The world of finance is filled with various types of Credit Monitoring Agencies & Services. It’s up to you to pick one of them. Services, features and the subscription fees vary from one Credit Monitoring Agency to the other. Some Credit Monitoring Agencies will send you daily credit reports, whereas some other agencies will send them on a weekly/monthly basis. It is advisable to choose an agency that is on regular watch rather than the one that delivers a report once in a while.
e. Enjoy The Goodies:
By signing –up for a credit monitoring service you get to enjoy the following goodies:
- First of all, you get the privilege of being a member of the Credit Monitoring Service.
- Then, you will be delivered a credit report showing your current credit status.
- An all-inclusive periodic report of your credit status exhibiting any suspicious activity or changes to your credit report, payment of bills etc.
- Access to your credit record online whenever you want. (Remember, you have been dying for a single peek before!)
- You will be alerted whenever some body has made an enquiry about your credit score etc. (See, alarm did go off finally!).
- You are protected from Phishing, hacking and other kinds of cyber invasions.
- If you are lucky, you might even get a lesson or two about how to manage your credit, analysis of your credit etc. (Ok, you’ve got a halo of enlightenment on your head now).
- More than anything else, you have earned the privilege of sleeping like a log without having to worry about who is breaking into your bank account! You can’t ask for more! Happy Monitoring!!
Cancelling A Service
Well, you don’t want to receive credit reports anymore! You can stop receiving free credit reports from the 3 credit bureaus Experian, Equifax and TransUnion by unsubscribing yourself from their list. You better contact all the 3 bureaus in case you are not sure of the source of your credit report. Think again before you take this step; it is always advisable to monitor your credit however well your financial situation might be.
Unsubscribing from the Credit Bureaus is fast & simple.
With Experian:
Call: 1-888-888-8553
Email: cancel@cosumerinfo.com
With Equifax:
Call: 1-866-640-2273 or Click Here
With TransUnion:
Call: 1-888-749-0731 or Click Here
|
|