As many people know, who haven’t been living in a cave recently, there are many credit monitoring services out there. So which one is right for you? Well, that is more of a subjective question. Why should you get your credit score monitored? Well, that is a much easier question to answer.
One day, this author stepped into a mall store with his girlfriend, preparing to do some shopping together. He pulled up to the counter, very suave, and pulled out his credit card. The retail associate was happy to swipe all the items to a top-dollar customer, as he rang up the total. Not too pricey. Yet, the next words that came out of the employee’s mouth would shock him into realization: “I’m sorry sir, your card has been denied.”
In a society that glorifies wealth and the importance of the dollar, it is hard to learn that one has no power to do anything. The author of this piece quickly went home to discover his balance was full up to $40 worth of free credit. Now, had he been more intelligent and signed up for a credit monitoring service, perhaps that embarrassing crash into reality wouldn’t have been necessary at all, would it?
Credit monitoring is so essential to the average card user, yet most don’t even know it. In fact, 10 million Americans (about 1 in 300) had their identities stolen. Those with credit monitoring had their prices of debt dropped significantly (some even insure up to 1 million dollars in damages). Constant daily email updates can keep one alert on any changes to cards, score, or other accounts under your name. You can’t have too much information on your credit, and Experian even offers their hardcore monitoring service for $5 a month (as compared to the standard $15). The benefits greatly outweigh the costs.
Now, if you really don’t have much credit out on the market right now (maybe one department store card or so), then perhaps you don’t need a full blown report sent to your inbox every business day. The Federal Government made it law that the three agencies (TransUnion, Equifax, and Experian) owe you one credit report free every year. If you haven’t got your yet, then go ahead and get on it! After all, knowledge is power, and you can never have too much knowledge about the reputation of your name.
– PIRG.org, Debit Card Facts
– Fight Identity Theft, Credit Monitoring Service Reviews