What is credit monitoring?

Credit monitoring is a service that allows individuals and businesses to keep an eye on their credit reports in order to spot any potential problems or changes, such as the opening of new accounts, payment defaults, or negative marks.

Three primary companies offering credit monitoring services are:

• Equifax 
• Experian
• TransUnion

Each company offers a unique set of services. But generally, they all involve checking the status of your account(s), tracking changes to your credit report(s), and sending alerts when something significant occurs in relation to your credit score.

People are aware that credit card fraud and identity theft exist.

Credit card fraud and identity theft are serious problems in today’s world. According to the Federal Trade Commission (FTC), up to 9 million Americans have been victims of identity theft and credit card fraud.

Identity theft happens when someone uses your personal information to open new accounts or takes out loans in your name without your consent or knowledge.

Credit fraud occurs when someone purchases items or withdraws funds from your account using your credit card without your permission.

Surprisingly, thousands of people from all walks of life still get victimized by crimes related to ID theft each year. The Federal Trade Commission has issued a public warning against individuals, groups, and agencies who may disguise themselves as a legitimate financial resource when they are, in fact, syndicated identity thieves.

This article will discuss why you should have a credit monitoring service and how to use it to protect yourself from identity thieves.

Your Identity is at Risk

The fact is that no one is exempt to the threat of identity theft. Scammers and thieves are discovering new and cunning ways to steal valuable information from people. 

With the popularity of e-commerce or internet marketing, ID thieves use technology to their advantage.

Consumers are not the only ones in danger. The risks of fraud and identity theft can affect everyone, even small business owners and large companies.

Do you have an online shop? If yes, you should be more vigilant as you and your customers can be victimized easily.

Accepting credit card payments is an important responsibility. 

Using Credit Monitoring Services To Protect Yourself From ID Theft

Is there a way to protect yourself against identity theft? 

Can you avail of an identity security service that can guarantee your protection?

The good news is you can take certain precautions to lessen the risk. Major credit reporting companies offer credit protection services by monitoring the activity in your credit report. 

In this way, if someone tries to open a new account or whenever new bills are charged to your credit cards, the owner of the credit report will be immediately informed.

There are also credit protection companies that consumers and business owners can turn to for credit monitoring.

What Does Credit Monitoring Do?

Identity thieves usually use personal information to open new accounts under another person’s name. 

Using a credit protection service will prevent the transaction from going through unless the genuine account owner consents. 

The transaction will be considered unauthorized and won’t be approved if permission is not granted.

The actual credit card holder will be informed of the new charges in the event that fraudsters attempt to use your credit card details to make purchases.

If it turns out that these charges were unauthorized, the legitimate account holder can dispute them, and the credit card company will immediately cancel the transaction.

What are the benefits of credit monitoring?

• Credit monitoring can help you in detecting fraudulent activity on your account.
• Credit monitoring can keep you updated on changes to your credit score.
• You can protect yourself against identity theft and credit fraud with credit monitoring.
• Credit monitoring will notify you if someone attempts to open a new account in your name.

Is credit protection service free? 

Generally, this service comes with a fee. Regardless of the costs, consumers and entrepreneurs are encouraged to take the extra step to protect their accounts and identities.

Business owners with employees must apply for credit protection to protect their accounts, employees, customers, and the company’s future.

Credit monitoring can be helpful in preventing identity theft. Consider getting a credit monitoring service if you’re concerned about your credit security. A small investment like this could protect you against theft and fraud.