Credit Monitoring Questions and Answers
August 11, 2020
Today’s digital payments and online marketplaces expose consumers to more risk every day. Your account can be hacked individually, it can be compromised as part of a larger “harvest” of personal data and account numbers from a target company, etc.
There are so many ways your accounts can be compromised that it’s practically a requirement these days to monitor your credit and stop identity theft if you discover it happening in your name.
You’ll find that the subscription service you review for your credit monitoring will offer protection that the user doesn’t have time to do themselves--you can set up a credit monitoring account to notify you with alerts and reminders, as well as notifications when your FICO score changes.
This kind of automation ensures a watchful eye on your credit reports without requiring the subscriber to spend inordinate amounts of time sifting through information.
What Do I Get When I Pay for Credit Monitoring?
Services, prices, and options will vary depending on the company but in general you should be looking for a subscription plan featuring daily monitoring, alerts, and a specific procedure for reporting and correcting errors on your credit report.
There should also be a specific way to respond to credit alerts that may have evidence of identity theft on your account. Credit monitoring services often provide education centers to help consumers learn more about credit and how to maintain it as well as disputing processes when there are problems.
How Long Does it Take to Challenge My Credit Report if I Find Errors or Identity Theft Issues?
There are too many variables to say how long a specific challenge to a credit report might be but keep in mind that process can be time consuming and you will need to submit the challenge to all three credit reporting agencies.
We say that not to discourage you from disputing the report (you definitely SHOULD dispute inaccuracies and identity theft evidence in your report) but as a reminder to start as early as possible and for best results avoid applying for a major line of credit with an unresolved dispute on your credit report.
Monitoring your credit is an important part of your financial readiness, but it’s also a good way to keep your credit ready should you need a loan down the line.
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RELATED VIDEOS:
Know What's On Your Credit Report
FHA Loans Have Credit Requirements
Help Is Available With Down Payment Grants
There are so many ways your accounts can be compromised that it’s practically a requirement these days to monitor your credit and stop identity theft if you discover it happening in your name.
You’ll find that the subscription service you review for your credit monitoring will offer protection that the user doesn’t have time to do themselves--you can set up a credit monitoring account to notify you with alerts and reminders, as well as notifications when your FICO score changes.
This kind of automation ensures a watchful eye on your credit reports without requiring the subscriber to spend inordinate amounts of time sifting through information.
What Do I Get When I Pay for Credit Monitoring?
Services, prices, and options will vary depending on the company but in general you should be looking for a subscription plan featuring daily monitoring, alerts, and a specific procedure for reporting and correcting errors on your credit report.
There should also be a specific way to respond to credit alerts that may have evidence of identity theft on your account. Credit monitoring services often provide education centers to help consumers learn more about credit and how to maintain it as well as disputing processes when there are problems.
How Long Does it Take to Challenge My Credit Report if I Find Errors or Identity Theft Issues?
There are too many variables to say how long a specific challenge to a credit report might be but keep in mind that process can be time consuming and you will need to submit the challenge to all three credit reporting agencies.
We say that not to discourage you from disputing the report (you definitely SHOULD dispute inaccuracies and identity theft evidence in your report) but as a reminder to start as early as possible and for best results avoid applying for a major line of credit with an unresolved dispute on your credit report.
Monitoring your credit is an important part of your financial readiness, but it’s also a good way to keep your credit ready should you need a loan down the line.
------------------------------
RELATED VIDEOS:
Know What's On Your Credit Report
FHA Loans Have Credit Requirements
Help Is Available With Down Payment Grants
Do you know what's on your credit report?
Learn what your score means.
