Can anyone explain me benefits of credit monitoring?
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Benefits of credit monitoring?
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Is there something specific that you are trying to figure out?
You have asked multiple questions concerning credit, credit scores, and raising credit limits. Several people have chimed in with answers and advise, but you keep asking the same questions.
If you have some specific issue by all means post it so we can have a look and help.
But, if you keep spamming the forums with these questions, then I'm going to delete all your posts.
Thanks.Brian
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Originally posted by perfectionj View PostCan anyone explain me benefits of credit monitoring?
If you are buying credit monitoring, then I can't think of a single benefit.
Order a free credit report every 4 months. Review it. Dispute any inaccuracies. There, your credit is monitored.
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Originally posted by Petunia 100 View PostYes. If you sell credit monitoring, the benefit is you receive revenue.
If you are buying credit monitoring, then I can't think of a single benefit.
Order a free credit report every 4 months. Review it. Dispute any inaccuracies. There, your credit is monitored.
I see a lot of benefit in credit monitoring if you get a service that pulls all three reports at least once a month.
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Originally posted by ShawnaC123 View PostA lot of damage can be done in the four months between report checks. If someone steals your identity they could run up hundreds of thousands in debts in that time. Also not everything will report to all three bureaus, so you may miss something for close to a year.
I see a lot of benefit in credit monitoring if you get a service that pulls all three reports at least once a month.
I continue to think that credit monitoring is a waste of money.
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Originally posted by amyk5• Accuracy – If you have been notified of several changes in your credit score, but they do not make sense to you, you can check your credit report immediately to check for the inaccuracies. If there are any, report them immediately, to prevent further damage.
Originally posted by amyk5• Fraud prevention – Since credit monitoring services provide notifications when your credit score changes, any change that does not make any sense to you can be an immediate fraud alert. Having these credit monitoring services will help you act and get rid of the problem faster.
Originally posted by amyk5• Strategic planning – When you have a credit monitoring service, you are always aware of how much money you are dealing with. So before you venture into a new business or simply, before going shopping, you are aware of how much you are only allowed to spend to keep your credit score in good standing.
There are many other reasons to skip using credit monitoring services -- but don't take my word for it:
Lawyers.com | Credit Monitoring Services: Are They Worth It?
SmartMoney.com | 4 Reasons to Forego Credit Monitoring Services
Also, you have to ask yourself: Is it REALLY worth $150+ per year? Something to think about...
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Originally posted by Petunia 100 View PostYes. If you sell credit monitoring, the benefit is you receive revenue.
With very, very, very, very, very (a few more "very's") exceptions.
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Credit monitoring does nothing except cost you money. SO what if it finds something -- by then it's too late. It doesn't PROTECT you from anything, it just tells you once you've already been attacked and your credit ruined.
I can't believe that no one has mentioned credit freezing. It's the only way to really protect yourself from these sorts of things and it is cheap and you can do it yourself in 10 minutes. (There is an EXCELLENT discussion on how to do it on the Clark Howard boards.)
It cost from between $0 and $30 depending on your state. (Up to $10 per company, so it could be as much as $30 to freeze your credit. In my home state it is 100% free.) While your credit is frozen, NO ONE can apply for credit using your information. If you yourself require credit, you can unfreeze your credit in 15 seconds for between $0 and $5.
Credit freezing is the single most important and effective thing you can do to protect your credit. Why pay someone a monthly fee to tell you (too late) if someone has applied for credit under your name when for practically no money at all you can keep it from ever happening in the first place??
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Consistent credit monitoring is your best defense against the long-term effects of identity theft and other financial hardships. Even a seemingly insignificant error about your credit activity can seriously hurt your credit score and prevent you from obtaining a loan at a good interest rate. Multiple errors and fraudulent charges made in your name can create a credit nightmare that lasts for years and can cost you hundreds, or even thousands, of dollars to correct.
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Originally posted by ccole View PostConsistent credit monitoring is your best defense against the long-term effects of identity theft and other financial hardships.
But you will see it AFTER it's already happened and it's too late to do anything but try to clean up the mess that's already happened.
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