Credit monitoring is the act of monitoring your credit report for changes such as inquiries, opening of new accounts, credit line increases, plus any judgments or collection
accounts that may suddenly appear on your credit report. Credit monitoring services also provide free access to your credit reports and credit scores as long as you stay signed up with there
Credit monitoring services can aid you when repairing bad credit. It will allow to make sure that paid collection accounts and judgments are removed from your credit report. It will help to ensure that old accounts, in which the 7 year period has expired, have been removed in a timely matter. Another benefit is that you can see if your credit score is improving each month allowing you get lower interest loans and credit cards when the timing is right.
These credit monitoring companies can also help protect you from identity theft. Early detection of a potential identity theft can make a big difference. Keep an eye out for any suspicious activity by routinely monitoring your financial statements. Monitor your financial accounts and billing statements regularly, looking closely for charges you did not make. When you monitor your credit report, look for inquiries from companies you haven't contacted, accounts you didn't open, and debts on your accounts that you can't explain. Check information such as your Social Security number, addresses, name or initials, and employers to make sure they are correct. If you find fraudulent or inaccurate information, get it removed.
The service to monitor your credit usually is around $200 a year and can be paid on a month to month basis and can be canceled at any time. These services are also offered by the 3 major credit reporting agencies which are Equifax, Experian and TransUnion.
If you decide you don't want a credit monitoring service you can still track your credit yourself at no cost once a year. The law requires each of the major nationwide consumer reporting agencies to provide you with a free copy of your credit report, at your request, once every 12 months which is available at annualfreecreditreport.com. If an identity thief is opening credit accounts in your name, these accounts are likely to show up on your credit report. To find out, order a free copy of your credit reports yearly.