Have you ever missed a payment on a credit card or loan? Are you forgetful with payment dates, or have you found yourself so swamped in repayments that you’re not even sure what you owe and when?
If you answered yes to any of these questions, you may have a few black marks on your credit report.
Why does this matter? This matters because your credit score determines a lot. If you have a good credit score, you will have more financial freedom in the future. For example, if you’re dreaming about owning your own home or starting a business, you’ll need a good credit score to attain it.
If your credit score is less than desirable, you can take steps to fix it. Here’s how!
Credit Monitoring – The Basics
Do you find that no matter what you do, no matter how organized you try to be, you still have poor credit? Be careful that you’re not the victim of identity theft or credit fraud.
Credit monitoring is done by a credit monitoring business to make sure this doesn’t happen to you. The business uses various types of advanced software to keep an eye out for strange activity on your credit report. If something unusual occurs, they let you know.
How Does It Work?
The internet stores tons of information, a lot of which can be scanned using credit monitoring services. This is a clever system that shows the credit monitoring agency when something doesn’t look right.
However, don’t get too comfortable. This doesn’t stop identity theft – it simply notifies you in a timely manner, so you can take action.
In the US, these services are available in two ways. You can choose to have information drawn from one specific credit bureau or from all three bureaus.
For the best chance of catching strange behavior, go with all three.
How Does This Benefit Me?
While credit monitoring doesn’t help with missing bill dates and getting black marks as a result, it can help if someone else causes the black mark in the first place.
Credit monitoring will alert you when your personal information has been used to obtain money. For example, if someone applies for an online shopping account in your name, you will be notified right away.
If you are wondering why you can’t just monitor this yourself, there’s a reason. Credit monitoring agencies have equipment to scan for this information frequently, which ultimately saves you a lot of hassle and is far more accurate than doing it manually. Who has time to check up on their credit every single day!?
It is also beneficial if you are trying to improve your credit score or maintain a good score, because it allows you to view your credit report. If you think it looks less than favorable, think twice about getting another credit card.
We Can Help!
Could you use an extra hand managing your credit report? Do you want to make sure nobody is using your details or obtaining credit in your name? Credit monitoring doesn’t only help fix the problem, but it keeps a watchful eye on all aspects of your credit to ensure you’re on the right track.
Keeping good credit means being proactive. Why not take the first step today? Get in touch with one of our specialists to discuss how credit monitoring can help you improve your score and protect your identity.