Credit Monitoring Service – The Pros And Cons

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Credit Monitoring Service: The Pros And Cons

Any credit monitoring service can be a facility which helps folks effectively handle, whilst tabs on their credit background, to determine if they are practical for availing any form of financing. With so many credit overseeing agencies in operation today, most of these are reputable, while some companies aren’t anything but pure frauds, who usually cost excessive fees. The credit monitoring service often informs their clients associated with a changes to a persons credit file, whether it comes as due to late payments, change of address, new employers, new queries or bankruptcies and other public records. If youre still undecided regarding that credit monitoring service to sign-up with, here are a few pros and cons of signing-up with credit monitoring providers.

Pros OF Credit Overseeing Services

– Any credit monitoring service makes a person life so much easier. As opposed to personally filing for the credit report in the agencys workplace, you simply need to go online to quickly pull them up. A credit statement is generally presented in an easy-to-understand format, which wont need you to hire the services of a specialist financial analyst to sort through the clutter.

– Credit monitoring solutions quickly notify you of any activity within your account. Youll also be able to instantly notice if ever there are any inconsistencies, inaccuracies or flaws within your report. By immediately finding out any mathematical or typographical errors, this enables you to quickly file conflicts to correct any discrepancies. Aside from alerting an individual of any fraudulent activity or inconsistencies, the credit monitoring service will also help you effectively handle your credit.

The Downsides of A Credit Monitoring Service

– According to credit professionals, its quite impossible for each and every company to efficiently monitor each of their clients credit directory an hourly basis. Because some creditors dont report certain accounts immediately, the person will not be advised once the activity happens. Credit monitoring services also cannot fully discover any fraudulent action, because there are a number of information in your account which credit agencies are often not necessarily alerted, or notified about.

– The problem with some credit monitoring agencies is that they charge fees which are unethically exorbitant. Right now there also have been a few occasions where individuals cannot easily opt out of their credit monitoring support, even if they desired to. While an unhappy credit monitoring agency consumer may wish to stop getting, or reading credit reviews, he or she will still be billed the monthly rate. And while some credit monitoring organizations brag about their every day monitoring, the truth is that its much less real-time as advertised, because so many creditors often tend to be late, or incur delays, when confirming new data for the credit bureaus.

There are other choices to credit monitoring services although. The choices include identity-monitoring providers, which cost less, and give you a fair amount of credit report monitoring for free. Would a credit monitoring service be worth the $100 or perhaps $150 annual fee? Your choice will depend largely in your specific circumstances, along with whether you have a $ 100 or more to extra for to pay them.

Comments: 51

  1. Migdalia March 22, 2013 at 9:19 am Reply

    …My credit rating has been going continually down, according to my credit monitoring service. It is now only rated as “fair”.

    I only make credit card purchases when I have enough money in my bank account to pay the bill in whole when the bill arrives, and that is exactly what I do.

    I use my cards to buy things on the Internet (usually quite small in amount), and occasionally to make large purchases such as airline tickets (twice in last two years) – for several thousand dollars.

    One of my friends told me that making large purchases and always paying the balance in whole is bad – I am supposed to only make the minimum payment every month to have a good credit rating. This makes no sense to me. I would think that paying the balance as quickly as possible would be an indication of responsible financial behaviour and therefore I would be a lower credit risk with improving credit ratings.

    Are there any credit card or bank employees out there who can explain this? Thanks.
    And yes, I have made payments on time each month. (ran out of characters LOL)
    I have only two cards. Honest!
    snvffy: this is a finance question. Did you expect it to be exciting? LOL

  2. Maria April 4, 2013 at 2:32 am Reply

    What is the best credit monitoring service? Why does someone sign up for it? Pros and cons? What should I look for when comparing companies? What is the average price? Thanks.

  3. Garrett May 12, 2013 at 8:12 am Reply

    What is the differance . im looking for a job that pays over 10 an hour so i can move out of my parents house . which job should i apply to . i have no medical experience . im 20 i have my HS diploma and 45 college credits .

    pros and cons f both jobs are what

  4. Denna May 26, 2013 at 8:42 am Reply

    I have a Credit monitoring service through my bank, and I was recently alerted of a new inquiry against my credit. It was reported by Equifax. How can I get more information about the company that ran this inquiry? I am trying to figure out if it is legitimate or fraud.

  5. William June 3, 2013 at 11:55 am Reply

    She says she is ready on day one, but how does she know that if she has never been a president on her own.

  6. Felica August 23, 2013 at 1:20 pm Reply

    I would like to subscribe to a good credit monitoring service with access to all three major reports and all three scores but I don’t know which one to subscribe to. Most of the ones I looked at not specifically state that you get unlimited access to scores, only the reports. Any suggestions, or experiences with them?

  7. Bernard September 23, 2013 at 6:22 am Reply

    I recently looked into Prepaid Legal Services, it looked like a good deal on paper. They offered free contract review, credit monitoring and several other things. I don’t know anyone else who has signed up to get their feedback, so I ask the Answers community….Has anyone any Prepaid Legal Feedback? Is it a good deal?

  8. Blaine October 9, 2013 at 10:52 pm Reply

    I’m looking around for a good service that monitors my credit report and will notify me of errors and bad hits and such? Any suggestions?

  9. Arvilla November 19, 2013 at 5:21 pm Reply

    What are the pros and cons of UPside Visa Prepaid Card Program..?

    The Pros as advertised is.. There is no fees, and you may store up to 5,000 US $. On top of that, it may be used like a credit card, and transfering.

    The card is FDIC insured, so long as you report your card stolen and whatnot. The card is also able to receive funds from Checkings(Like your work salary) and other things.

    It sounds really good to be true, and I was wondering.. Is there any Cons?

  10. Tory December 8, 2013 at 12:49 am Reply

    All the cons want is less government. They think they can manage their own lives, without the help from govt or other people for that matter. But what about their net contribution?????

    The still breathe, pollute, flush a toilet, drive on the highway, need police, use energy, cable TV, and drink water. Where do you think those items come from? The government.

    This is why they need to be forced to pay for the disasters like the oil spill and the “welfare mom” with 4 kids. The oil spill wont harm the environment and the “welfare mom”‘s kids wont be criminals.

    Conservatives can’t keep living in a time where churning butter and raising chickens was all you needed to do.

  11. Richard December 17, 2013 at 8:11 am Reply

    I belong to a credit monitoring service and today I received an alert stating that on my mortgage account it reads “changed accounts”. What does this mean? I have not received any notice on this. Any ideas out there?

  12. Bianca December 20, 2013 at 5:29 pm Reply

    I pay for a credit monitoring service every month. March 1st I opened a new account, and expected the service to notify me of the change, since they have no proof I was the one who opened the account. Typically how long does it take a credit monitoring service to discover changes made on an account? To my knowledge they only work with one bureau, not all three. I have not called them because I want to see if they ever notify me. If not, I’m closing the service and requesting a refund.
    Also, is there a service which provides daily updates from all 3 credit bureaus?

  13. Norberto December 26, 2013 at 8:58 pm Reply

    I am almost 18 and me and my mom have been having discussions about applying for a credit card right after I turn 18. I’ve kinda been researching about this stuff on what to do but I’m still a little confused…

    So, now here are the questions. In the future, should I use credit cards or debit cards? I’ve heard a lot of pros and cons about them but I’m honestly stuck in the middle.

    Or should I go for Green Dot instead? I heard Green Dot is much easier to use your money and you don’t have to worry about any fees and whatnot.

    If I do go for a credit or debit card, how can I protect myself from fees? I heard that you can get charged for spending money while you’re in the ‘minus zone’ and sometimes the bank won’t tell you you’re in the ‘minus zone’. How can I avoid something like that?

    And this is kinda unrelated, but should I try penny stocks soon? I heard a lot of good things about them but it’s hard to tell whether it’s risky going into it or not.

  14. Gayle January 14, 2014 at 6:04 am Reply

    I need to have access to all 3 of my credit reports as I am trying to clean up my credit. Which service is the best one for the best price?

  15. Salvatore January 25, 2014 at 10:17 pm Reply

    I’d like to hear from people who have actually used the services out there that are available. I know of a few main ones but just wondered in your opinions which do you recommend from experience.

  16. Constance January 29, 2014 at 2:15 am Reply

    I need to get a credit monitoring service for the next 6 months or so.

    Can someone recommend a good, but yet affordable credit monitoring service for all 3 credit bureaus?

    Thank you for any info.

  17. Adolfo February 1, 2014 at 11:47 pm Reply

    just wanted to know =)

    I get two different credit scores supposedly updated today from My Fico and Citi, I wanted to know which one should I trust more.

  18. Franchesca February 2, 2014 at 3:10 am Reply

    I have some errors that need to be fixed or corrected and I want to be able to monitor my score ect..

  19. Leighann February 2, 2014 at 6:09 am Reply

    I’m new to this whole credit nonsense. My question is; Should I sign up for Credit Monitoring/Restoration when I don’t have a Credit Card? I have a Visa Debit…

    Is this a stupid question???
    Ahh, thank you everyone. =)

  20. Hubert February 2, 2014 at 10:37 am Reply

    I have been using 2 different services, Identity Guard and Free Credit Report.com..

    Both say I have a 740, and when I pay the retarded $45 for all 3 reports, all are between 709 and 730.

    I have no issues, I looked at annualcreditreport everything says OK, never had anything late.

    I went to buy my new car, which thankfully I was paying cash, but they brought a report out saying I have a 613…. I have a perfect record so I don’t know why it would say that.

    What do you guys recommend using for a good monitor? Because I am planning on buying a home soon and obviously a 613 isn’t acceptable for a 200K loan, even though I am putting 20% down. I just want one that tells me everything I need to know, like if someone runs a check on me, and accurate or at least CLOSE scores, because being 100 off is really killing me.
    I did cancel Freecreditreport, it was a joke to cancel too. IdentityGuard was easy to cancel.
    I did cancel Freecreditreport, it was a joke to cancel too. IdentityGuard was easy to cancel.

  21. Margie February 21, 2014 at 4:58 am Reply

    to get close to get instant notification when your credit score changes(only the real FICO scores, not the fake scores)?

    Also, do you know of any coupon codes or discounts/deals going on now for free trials etc.? like a 30 day free trial
    Sharon, I know about the free yearly credit reports, but I want to see how my actual score changes in real-time according to changes in credit limit utilization %

  22. Morgan February 21, 2014 at 4:58 am Reply

    If anyone says freecreditreport.com I will thumbs down you! lol. Anyway, I looking for a good, decently priced credit monitoring service, preferrably one that will give tips and advice as how to repair and handle credit so that I can get my score to where I want it to be.

    Any suggestions? Recommendations? I was checking out equifax and was looking for some non-biased reviews.

  23. Dyan February 21, 2014 at 11:23 pm Reply

    I have this problem with my credit report am i suppose to be in debt to have good credit? I have a credit thing with my bank that lets me know when something new appears on my credit report at first they said i owed them $9979 so i tried to setup a payment with them then the very next month it showed on my credit report i owed nothing it was charged off i never recieved anything from the court and their is nothing on the internet showing anything to do with the document number they supposedly have on file for me now all of a sudden their is another civil judgement on me but it doesn’t say from who what should i do because my bank or the so called credit report people can’t seem to give me an answer.

  24. Giuseppe February 21, 2014 at 11:24 pm Reply

    I’m applying for a job at the Gap and I really want to ask someone who previously worked there to give me a very detailed description of all the work they perform.

  25. Kam February 22, 2014 at 4:01 am Reply

    I pay for a 3 in 1 credit monitoring service thru True Credit. I am able to see my credit score, alerts and credit report on a daily basis, but only for TransUnion. I am able to see credit score and report for the other two (Experian & Equifax) every 30 days. All this for 14.95. My question is “How accurate is the credit score that these services provide” I went to my credit union to get a loan thinking it would be ok to get one because i trusted that the credit score that equifax was providing was correct. Come to find out it was lower by 137 points and I was really disappointed. If anyone can explain why I would really appreciate. Thanks

  26. Mike February 22, 2014 at 5:11 am Reply

    I pay for a credit monitoring service provided by BofA:
    “Bank of America Privacy Assist” (cost $12 per month)

    I just recommended this service to a friend but discovered BofA
    is not taking new customers.

    The service I get is excellent…I see everything there is to see, any time I want.
    My three credit scores(updated every three months)
    Any activity using my name, SS number, any activity to change my personal information,
    or someone trying to open a new account with my info.
    any public records in my name.
    Any activity at all I get an “alert” within 24 business hours.

    This is the type of full service I want my friend to have.

    Can anyone recommend a site?
    Low cost most also be considered, but efficency is the bottom line

    Thanks to all

  27. Cordia February 22, 2014 at 5:25 am Reply

    I have an account on MBNA with the Smart Card. I was checking my balance and noticed a transaction that apparently was today. It’s from Carlson Marketing Cred – Mississauga for a charge of $20.33. Does anyone know of this company or anything? I know I haven’t been to Mississauga for months and yet alone even outside today to use my card. 10 points best answer

  28. Floretta February 22, 2014 at 5:25 am Reply

    Does anyone know of a good and cheap monthly service where you have unlimited access to reports from all three credit bureaus?

  29. Hiram February 22, 2014 at 7:34 am Reply

    I am currently deployed and i received a notice from my credit monitoring service that they can no longer provide me with a credit report due to an unverified address change. My wife moved since I deployed to be near family and when she moved obviously her address changed. My bank automatically changed her address so that she could receive paper bills. Now they say that the credit monitoring service froze my account bc they cant verify that I ever lived at that address so its suspicious. Now I have to contact the credit bureau to explain the situation so i can get my account unfroze. However anytime i go to their website they want to make me pay to even get ahold of them. If anyone has any idea please let me know. Thanks
    Im sorry if there was some confusion, the bank didnt freeze my bank account, the only account frozen is my credit report. None of the credit agencies can give me my scores bc the credit burea froze my credit score.

  30. Ray February 22, 2014 at 8:00 am Reply

    I have my credit frozen in all three bureaus. After that, I suscribed to Triple Alert Credit Monitoring service.

    Every month they email me if there has been a change on my any of my reports.

    I called them, though, to ask them, that since my credit is frozen, would the reports show if a lone wolf collection agency ( falsely ) wrote in a debt I owe.

    The credit monitoring company said that:
    If the collection agency sent one, then it would go on my credit report/score AFTER I took the freeze off. because they can’t know if they sent in anything because I have a credit freeze on.

    I am confused. Are they correct? Does experian not put anything on because of the freeze if a lone company writes in?

    or do the phone workers at Triple Alert not really know what they are talking about. They could be in India. not sure., they may not know., but should.

    Any info on this situtation? thanks
    I meant to say that they email that THERE HAVE BEEN NO CHANGES to my credit report.

  31. William February 22, 2014 at 8:01 am Reply

    I use Experian monthly credit check monitoring through my bank USAA.
    It informs me what my credit score is month to month and tells me if there is and alerts on my credit score.
    Could this actually be having a negative affect on my score?

  32. Cleveland February 22, 2014 at 8:01 am Reply

    I am thinking to sign up for a credit watch service. Any feedback on if it is worth it and which service is the best in this area would be greatly appreciated. Thanks.

  33. Lonnie February 22, 2014 at 8:50 am Reply

    My husband and I are paying off his old debts and we need to sign up for one of those credit monitoring services to see what progress we’ve made and to make sure the creditors are reporting that they’ve been paid. We would also like to have updates on his credit score as well.

    Does this sound like a good idea?

    Which one should we use?
    We know that this will not improve his score, but we have to pay these debts off if we ever hope to buy a house. We are only pay those that will take a couple of years to age off his credit report.

  34. Odell February 22, 2014 at 8:51 am Reply

    I remember reading somewhere that collection agencies can find out if you’ve signed up for credit monitoring and will be harder to negotiate with to settle debts since they know you’re motivated to repair your credit. Is that true? Is there a monitoring service that collectors wont find out about?
    falsi fiable, Why do you waste your time answerting things you have no clue about.

  35. Marcelene February 22, 2014 at 9:10 am Reply

    What is a good, cheap credit monitoring service? With both reports and FICO scores for all three? I was going to apply for the wamu card but having too many credit cards is a bad idea for a person’s credit esp. right now plus that one only checks Transunion.

  36. Pedro February 25, 2014 at 11:05 am Reply

    Is enrolling in a credit monitoring system worth having?

  37. Jacque March 4, 2014 at 6:08 pm Reply

    I currently use True Credit but after looking at my score compared to another program it was 80 points lower!! Does anyone know a good 3 credit report monitoring where I can access all 3 reports and get all 3 scores for a good monthly price?

  38. Vanesa March 5, 2014 at 7:06 pm Reply

    Okay, I am fairly young to be concerned with credit (19), but I want to be prepared to apply for a home loan when I finish college. I have a current score of 765. My parents added me as an A/U on two of their cards about 8 years ago, which helped my history out tremendously. They were never late on any payments, and have rather high limits (which helps my debt:credit ratio). I recently have gotten a credit card in my name (about 6 months ago), and read on “score watch” (FICO) that recently applying for credit was one reason my credit score wasn’t as high as it could be. That said, I want to be able to keep an eye on my credit score somewhat obsessively. I have looked at a few different monitoring services, but this is what I am looking for:

    – I want credit score AND credit history from ALL 3 main rating agencies.
    – I want to be able to see the CURRENT score/history at least monthly from all 3 agencies.

    The monitoring services I have checked into so far have offered yearly or quarterly reports from all 3 agencies and only 1 agency has unlimited access. I really want to get updated scores and reports from all 3 at least monthly. Any suggestions?

  39. Garry March 8, 2014 at 5:46 pm Reply

    My credit score is around 700. I have one credit card that I pay off everything at the end of every month (i.e. I never carry a balance)and that’s it. No loans, no debt nothing. Yet my credit score keeps jumping around a lot with each report; it was 727 in july last year, 678 in Oct, 755 this January, and now 708. And I’ve done nothing besides dutifully paying my bills and credit card each month during this time. I have signed up for a credit monitoring service from Bank of America, but it makes no sense. Right now, it projects that if I keep making all my minimum payments for the next year my credit score will decrease by 3. Wtf? I moved here from Europe and credit score is incredibly difficult for me to grasp, yet it’s extremely important. Each time I get my credit report it’s like flipping a coin if it goes up and down, and all I do is pay everything each month.

    So is there any service that can explain and advice how it all works and what I can do to keep improving it? Most services are geared towards repairing bad credit, but mine is OK, I just want to know what I can do in the long term to improve it. Just paying everything on time doesn’t seem to do it since my credit is currently worse than it was a year ago, and it’s predicted to keep going down??

    I asked at bank of america, but they were admittedly not sure and just gave general advice from personal experience. Is there someone I can talk to that can take the voodoo and wives’ tales out of the the credit score and explain what is going on? I have no problems handling my financial obligations, so I just want to know how I can get the best credit I can have.

  40. Gene March 8, 2014 at 5:48 pm Reply

    I would like one that sends alerts for all 3 credit bureaus.

    Thanks for any info.

  41. Traci March 9, 2014 at 8:37 pm Reply

    Money is not my main concern, but I certainly don’t like being scammed!

    I’ve read that some sites (like Identity Guard) claim to give you FICO scores and then they give you only FAKO scores or even something else (0_o). Others (like Protect My ID by Experian) charge you monthly, yet update their info QUARTERLY. Other sites use outdated scoring models, like myFICO. Others (most) do ALL OF THOSE THINGS.

    WTF.

    Do I have to purchase a subscription from each of the three credit bureaus directly and individually?
    Would that even solve the problem?
    I mean, if I did purchase the scores directly from the bureaus, they would give me FAKO scores, right? So, who would I get my FICO score from? I want a service that uses CURRENT SCORING MODELS LENDERS ARE LIKELY TO USE, and shows me UP-TO-DATE REPORTS AND SCORES.

  42. Deana March 10, 2014 at 8:13 am Reply

    I would like to know what is the best credit monitoring service to use. I want to be able to see my credit scores from all three credit reporting agencies, get alerts when credit is ran, all three credit reports, and be able to protect my credit with a password. Any idea what the best option would be?

  43. Jessi March 11, 2014 at 5:13 am Reply

    Both were based on my Experian Credit report. Citibank monitoring scored my Experian Score at 609 but Creditreport.com scored Experian at 651. This was only within a weeks time and nothing had changed on my report. How do I know what score a potential lender would see? How do I find out the most accurate scoring info?

  44. Cordell March 21, 2014 at 1:01 am Reply

    I think each of the three credit reporting agencies offer some type of credit monitor service. Are they worth the money?

  45. Quiana May 14, 2014 at 9:19 am Reply

    I have credit tracking through creditreport.com, and under the positive effects it lists “You have 2 or more major credit cards open.” Right underneath, under the negative effects, it says “You have no major credit cards currently open.” What seems to have happened, and how do I resolve it without paying for a new credit report? (I got my free annual one at the beginning of the year.)
    Also, how much does this actually affect my credit rating?

  46. Brett May 14, 2014 at 9:19 am Reply

    Some credit info was stolen and the company is offering this as a free service. Are they a scam or are they legitimate?
    the “company” was my bank which mailed a notice to me that there had been a security breach on a certain date and they provided one year free membership at Triple Alert. Now I think it’s a scam but I’m not sure…

  47. Elvin May 23, 2014 at 5:45 pm Reply

    I am thinking about signing up for a credit alert service through one of the 3 credit agencies. They all offer som many different options but I would like to no how well they work.

  48. Ted May 28, 2014 at 9:39 pm Reply

    So I just wanted to check my credit score and used both freecreditscore.com & freescore.com. They bother showed two different score for the same credit bureau (experian). Does anyone know why?

  49. Aron June 3, 2014 at 11:14 am Reply

    But I also want it to update monthly as I am trying to correct errors.

  50. Noel June 6, 2014 at 1:26 am Reply

    Can anyone recommend the best credit monitoring service and gives reasons why? Especially if you currently use one.

  51. Cherilyn June 22, 2014 at 6:56 pm Reply

    I am in the process of repairing my credit. I already have the most up-to-date credit reports from the 3 major bureaus which I got for free from http://www.annualcreditreport.com

    While repairing my credit, having debts deleted or paid off, etc…I want to be able to see the changes happening. I can only order my credit reports for free once per year…so cannot check to make sure that collectors are erasing the debts as being requested in negotiations. I was wondering if anyone uses a “realtime” credit monitoring service (preferably that is updated daily, or everytime a change is made to the report), so that I can validate my requests are happening.

    I’m not so much concerned about the scoring…but if it’s included, then I suppose that’s a bonus. Any suggestions? Is there a way to request my FREE credit report more than once per year (e.g. tell the CRA’s that I am repairing credit, and need a fresh copy, etc) without having to pay each time?
    Micki…you did not read my question at all. I am talking about online monitoring services, not a debt consolidator or debt management service. I am doing the work myself.
    Sgt Big Red, thanks for the response. Are you referring to “they” as the CRA’s (Equifax, Experian, TU)? “They” make changes all the time to reports, without sending you an updated report, thus why you have to request it. Otherwise, every time someone inquires into my credit file, or reports me (adversely or positively), I would get a new credit report in the mail. I’m not so sure who you’re referring to…

    If you mean the collection agency will send me an updated report, I wouldn’t count on that either…they just want their money to settle the debt, not send me an updated report.

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