Are Credit Monitoring Services Worthwhile?

  • By David Lukic
  • Published: Mar 04, 2021
  • Last Updated: Mar 18, 2022

 Good credit is an important thing in life. You can’t apply for credit cards, loans, or a mortgage without it. Therefore, it is critical to know at all times the state of your credit report and to make sure there aren’t any errors on it. One of the ways people do this is through credit monitoring.

Why Do I Need Credit Monitoring

Credit monitoring is a manual or automated process of keeping tabs on any changes made to your credit report with either of the three big credit reporting agencies (Equifax, TransUnion, Experian). The purpose of credit monitoring is to avoid fraud due to identity theft.

With so many data breaches over the past decade (Capital One, Equifax, Home Depot, Discover, Experian, etc.), your information is most likely out there, and identity theft is a real concern. Credit monitoring is one way Americans protect their credit report and credit scores from identity thieves.

More than 43% of identity fraud cases were discovered through credit monitoring.

Are Credit Monitoring Services Worthwhile

What are Credit Monitoring Services

There are a lot of options available when it comes to credit monitoring, and services offered will vary depending on who you sign up with. The basic idea of credit monitoring is that you are alerted within 24-hours if a change occurs on your credit report. Some of these changes could indicate fraud or identity theft. A sampling of the changes that you will be alerted about are:

New Accounts

if a new loan, credit card account, or other financial vehicle shows up on your credit report, you will receive an alert via text, email, phone, or mail, depending on the preference you chose.

Hard Inquiries

whenever you or someone pretending to be you applies for credit, and the lender requests a copy of your credit report, this is called a hard inquiry, and you will be notified about those as well.

Changes to Your Existing Accounts

if the balance on one of your accounts goes over the credit limit, you will be notified. If you pay off a credit card and your credit score changes, you will also be notified of this. Any changes to existing accounts are flagged for notification.

Public Court Record Filings

If you file for bankruptcy, are slapped with a tax lien or civil court judgment, those will also show up on your credit report, and you will get a notification about those too.

Home Address Change

if the home address associated with one of your loans or credit cards changes, you will receive a notification. An address change could be associated with fraud.

do I need credit monitoring

How to Set Up Credit Monitoring with IDStrong

You are entitled to a free copy of your credit report with all three of the credit reporting agencies each year. However, unless you stagger those requests, you will have to pay for additional copies throughout the year. You can certainly get copies and monitor your credit that way, but there is also another way that is more efficient and more useful.

Sign up for credit monitoring with a solid, trusted company like IDStrong and take the hassle off your plate. By letting them continuously monitor your credit, you’ll get up-to-date reports all the time. You won’t have to remember to order your new credit reports each year; you’ll have access to them all the time. As an added bonus, their team of experts will also help you repair your identity if you are a victim of identity theft or fraud. They will troll the dark web to search for your information and let you know if a data breach has resulted in your personal details ending up for sale.

Credit monitoring packages include a lot of valuable services that you would not be able to handle yourself. Credit monitoring makes sense to keep your identity safe. Some of the features of IDStrong.com’s service are:

  • Fraud detection.
  • Credit monitoring.
  • Protection by a $1,000,000 insurance policy.
  • Privacy protection tools.
  • Lost Wallet Assistance.
  • Public records monitoring.
  • Social media record monitoring.
  • Chat room monitoring.
  • Dark web monitoring.
  • Personal specialists to help you with identity theft.
With a credit monitoring service, you can also see your credit score at any time. If you are working hard to improve your credit score, this service is invaluable.

How To Keep Your Identity and Credit Report Safe

These days you cannot be too careful when safeguarding your identity. Some other ways you keep your credit report and identity safe are:

  • Consider placing a fraud alert on your credit report if you have been a victim of identity theft in the past. A fraud alert tells creditors that they need to be extra careful verifying your identity when you apply for new loans.  
  • Request a credit freeze if you want to prevent anyone from opening new accounts in your name.
  • Ask about a credit lock where you can instantly lock and unlock your credit report from a mobile app.
  • Be watchful for phishing or other suspicious emails.
  • Never click on links or download attachments inside an email.
  • Do not share your personal information with anyone unless absolutely necessary.
  • Keep all your devices updated with the latest software patches and antivirus software.
  • Never share passwords and do not use them on multiple sites.

Use common sense and watch out for anything that sounds too good to be true; it probably is not true. Your identity is too important to take any chances.


About the Author
IDStrong Logo

Related Articles

How to Build Credit From Scratch in 3 Fast Ways

If you have never had a credit card, loan, or mortgage, you may not have any credit. Or you may ha ... Read More

Top 9 Tips to Improve Your Credit Score

Unfortunately, in life, it is critical to have a good credit score to qualify for a mortgage, appl ... Read More

Explaining Bankruptcy and How Long it Stays on Your Credit Report

No one wants to go bankrupt, but when you get in over your head and can’t see a way out, som ... Read More

What Is Credit Monitoring, and How Does It Work?

Good credit allows you access to various financial products at lower interest rates. It makes you ... Read More

How to Freeze Your Credit

With data breaches, ransomware, and identity theft on the rise, consumers must put in an extra eff ... Read More

Latest Articles

What Are Vacation Club and Timeshare Scams and How to Avoid Them

What Are Vacation Club and Timeshare Scams and How to Avoid Them

In early 2023, the FBI made a public service announcement warning that scammers had been targeting owners of timeshares in Mexico; they reported an estimated $39.6 million in losses involving only Mexico timeshares.

What to Do if Your Credit Card is Lost or Stolen

What to Do if Your Credit Card is Lost or Stolen

Credit and debit cards have become the most prominent form of wealth access in the last decade. Once consumers pulled out thick wallets of cash—they now pull out thin clips of cards—if they bother using a card, not a watch or cellphone.

Credit Card CVV Number: Meaning and Security

Credit Card CVV Number: Meaning and Security

Inspect your credit card, and you'll likely find interesting—and crucial—elements of the plastic rectangle. The front might display the provider's name, a chip, some digits, or an entire card number; the back might hold much the same, along with a signature, when necessary, and a "valid thru [sic]" date.

Featured Articles

How to Buy a House with Bad Credit

How to Buy a House with Bad Credit

Buying your own home is the American Dream, but it might seem out of reach to those with bad credit. However, the good news is, if your credit is less than perfect, you do still have options and in most cases, can still buy a home.

How Secure Is Your Password? Tips to Improve Your Password Security

How Secure Is Your Password? Tips to Improve Your Password Security

Any good IT article on computers and network security will address the importance of strong, secure passwords. However, the challenge of good passwords is that most people have a hard time remembering them, so they use simple or obvious ones that pose a security risk.

Top 10 Senior Scams and How to Prevent Them

Top 10 Senior Scams and How to Prevent Them

Senior scams are becoming a major epidemic for two reasons. First, seniors often have a lot of money in the bank from a life of working hard and saving.

Free Identity Exposure Scan
Instantly and Securely Check if Your Personal Information is Exposed on the Dark Web or Sold by Data Brokers
Please enter first name
Please enter last name
Please select a state
Close
Free Identity Threat Scan
Instantly Check if Your Personal Information is Exposed
All fields below are required
Please enter first name
Please enter last name
Please enter a city
Please select a state
Please enter an age
Please enter an email address
Close