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One free credit report is allowed per consumer per year by the three major credit bureaus, Experian, Equifax and TransUnion. Credit reports are often accessed by outside parties when applying for loans, apartments and even insurance. The accuracy of your credit report is essential to companies making accurate decisions based on your credit. A credit score that is not correct based on fraud or other inaccuracies can be expensive in both time and money.
Credit monitoring is a valuable resource to protect your credit score and identity. Credit monitoring services will notify you if your credit information is accessed, an account is added or personal information is changed. Identity theft can be time consuming to resolve with various credit agencies and credit bureaus. Credit monitoring allows you to find out quickly that your information has been changed without your authorization so that you can take appropriate action before further damage is done. With online credit monitoring services, an email is sent out to the individual to notify them of any changes.
Credit monitoring services typically bill either month-by-month or annually. The cost of a credit monitoring service is minimal in comparison to what errors may cost in interest rates, insurance rates and security deposits.