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Why Monitor Your Credit? Three Very Big Reasons

#1—Errors and Omissions

The fact is, 1 in 5 credit reports may contain errors that could affect your ability to get credit, insurance—even employment.  Most people don’t even realize their credit report reflects inaccuracies until it’s too late.  Why wait for the bank to reject your loan application or an employer to refuse to hire you when you can monitor your credit for changes through all three credit bureaus, 365 days a year?

#2—Identity Theft

Each year millions of Americans are victimized by identity theft in this country.  At present, between 13 and 14 million people are affected.  This leads to countless hours and dollars sorting through the mess that someone else has made by stealing your identity.  While the government and individual companies, including banks and credit bureaus work to protect your privacy, the truth is they’ll never be able to completely prevent identity fraud.

#3 – Cost of Bad Credit

Consumer credit research indicates that the average American with damaged credit and scores below 600, spends an additional $3000.00 each year to borrow money through loans or credit accounts. The time it takes for consumers to repair credit after identity thieves have opened fraudulent accounts is approximately 165 hours. While credit monitoring can’t prevent bad things from happening, it can alert you to inaccurate credit reporting and identity theft, saving you precious time and money.

The only way to ensure your accounts are safe is with vigilant, round-the-clock credit monitoring.  Credit monitoring tracks even the subtlest changes in your credit files, 24-hours a day, every day of the year. 

By continuously monitoring your accounts and personal information, identity thieves won’t get the chance to steal from you and your family!

Top 5 Best Credit Monitoring Sites

With so many credit-monitoring products on the Internet we know it’s difficult to wade through all of the offers looking for the service that best fits your needs.  That’s why BestCredit.net has done the work for you by comparing each of the top credit monitoring sites in the nation and highlighting important differences and features.

Identity Guard

  • 3 Credit Scores with 3-Bureau Credit Report Update
  • Detailed Analysis showing what is affecting your credit              
  • 3-bureau Credit Monitoring with prompt email alerts      
  • Unlimited toll-free Customer Service                                             
  • $1 million Identity Theft Insurance                                              
  • Free Credit Scores all three bureaus

Comprehensive Protection

Identity Guard lists a whole host of features to monitor your credit daily and identify changes in your credit profile.  The service will scan all three credit bureaus and black market sites to detect any activity on your credit and bank accounts and alert you immediately to misuse of your personal identifying information across the Internet.  In addition to credit monitoring, Identity Guard also provides free credit scores from each of the three major credit bureaus.  The service offers three plans that include, Essentials $8.99/mo., Total Protection $19.99/mo. and Platinum $24.99/mo.  While each plan offers some level of protection from identity theft, only the Total Protection and Platinum accounts monitor credit bureaus and address changes across the board.        

Free Scores And More

  • Access to your 3 Credit Scores
  • Daily 3-Bureau Credit Monitoring
  • Alerts of New Accounts, Credit Inquiries and more
  • Identity Fraud Support Service
  • Online Credit Education Center

Monthly Credit Updates and Scores

One of the best features about Credit Scores And More includes the monthly updates of credit reports and scores.  Most credit monitoring companies only provide this quarterly.  In terms of credit monitoring, this service also detects whether your personal identifying information has been used on applications for credit, utilities, cell phone services or check orders.  Credit Scores And More also monitors all three credit bureaus daily for changes to your credit profile.  Additionally, the company’s fraud support department assigns each person a specific caseworker in the event of identity theft.  At a price of $18.99/mo., protection from identity fraud as well as access to credit scores makes Credit Scores And More a good choice for consumer credit monitoring.

Privacy Guard

  • Triple-Bureau Credit Report
  • Triple-Bureau Credit Scores
  • Daily Credit Monitoring
  • Monthly Credit Score Tracking
  • Toll-Free Hotline Staffed By Real People
  • Identity Fraud Support Service

Internet and Computer Security Software

Privacy Guard is highly rated for its credit monitoring as it includes Norton Internet Security Online as part of the package.  This provides state-of-the-art antivirus software, antispyware, antispam and email and instant message protection.  Privacy Guard also monitors all three credit bureaus daily and immediately alerts you to changes in your credit profile.  A personal fraud support member is assigned to your case in the event of an identity theft incident.  At a price of $19.99/mo. Privacy Guard provides cutting-edge protection.

Trusted ID

  • Identity Threat Score
  • 3-Bureau Credit Monitoring
  • Unlimited Black Market Internet Scanning
  • Medical Benefits Monitoring
  • Family Identity Protection
  • Fraud Alerts

Monitoring & Fraud Alerts Combined

Trusted ID is a great choice for credit monitoring because the service scans Black Market Internet sites for your personal information and protects your medical benefits, ensuring no one else is using them.  The Identity Threat Score feature also gauges your risk of id theft and lets you know where additional protection may be needed.  Trusted ID also offers to place fraud alerts on your individual accounts so creditors will know not to make new loans or open new lines of credit under your name without contacting you first.  Individual and family plans are available on a month-to-month basis at $14.99/mo. or $27.99/mo.  Prices are reduced for a 12-month commitment and only $10.42/mo. for individuals, and a one-time payment of $240 for families.

LifeLock

Advantage

  • Reduced Pre-Approved Credit Card Offers
  • Black Market Website Surveillance
  • Live Member Support 24/7/365
  • Fictitious Identity Monitoring
  • Data Breach Notifications
  • Credit Card, Checking and Savings Account Activity Alerts

24-hr Customer Care

LifeLock offers comprehensive credit monitoring protection by reducing the number of pre-approved credit offers you receive, monitoring for fictitious identities established with your information and scanning Internet databases and credit bureaus daily.  The company has also added activity alerts for checking and savings accounts and notifications when banks, retailers and medical facilities report a large-scale data breach.  The company offers several different plans at various price points including, LifeLock Standard $8.99/mo., LifeLock Advantage $17.99/mo. and Lifelock Ultimate Plus $26.99/mo.  The fact that LifeLock offers live customer support 24/7, 365 days a year is an added plus since many companies stop taking calls at midnight.


Jeff Dunphy has years of experience in the field of borrowing. He is the founder of a website that teaches consumers about credit cards, credit scores, loans, and credit repair.