Monitoring your credit is crucial for several reasons. If you are not currently monitoring your credit, here are some benefits you are missing out on:
• Improve your financial health. Your credit profile is a good indicator of your overall financial health, and practicing good credit habits can build your savings and work toward important financial goals. With Credit Monitoring, you can focus on areas affecting your credit score and stay on track.
• It is easy to detect fraud early with credit monitoring. There is no way that you can protect yourself 100 percent from fraud but credit monitoring can indicate signs of identity theft before things get out of your hands.
• Inaccuracies on your credit report. While it is not common, a creditor or credit reporting agency can create or add wrong information to one or more aspects of your credit reports. As updates happen, credit monitoring can help you detect these inaccuracies before they take a toll on your credit scores.
• Save time. Credit Monitoring services can help you do the legwork for you, saving you time to spend on things that will make you happy.
Can I Monitor My Credit Myself?
Yes, you can monitor your credit. However, it is time-consuming and.not as effective as a paid professional credit monitoring service. Consumers are allowed to access their credit reports from each three credit reporting agencies every 12 months through AnnualCreditReport.com. This means that rather than getting constant updates about what is going on together with your credit reports, you only need to check periodically—either all three reports at a time or once a year or one report every four months. Also, you will need to read through each report yourself and compare what you discover with the previous year’s report. Since the way some guidelines are listed on your credit reports, it is possible for you to get confused while recognizing a legitimate account instantly and waste time verifying or disputing it. As a result, it is always a better option to work with a credit monitoring service, even if it is a free one that does not provide the complete spectrum of tools and resources