Even till the end of the last decade one of the most pertinent facts doing the rounds was that identity theft had been prevalent too long and actually went on to affect almost 9.9 million adults customers in the United States. This particular study also reflects upon the fact that there has been an almost 22 percent increase in the problem and that too with almost 48 billion dollars having been lost to the identity thieves. This is where the question of credit monitoring comes in. After all paid credit monitoring is something that helps you maintain your own records regularly and that too for no extra cost.
The concept of credit monitoring
You see, credit monitoring happens to be a service through which a monitoring firm goes on to keep a tab on your credit report or watch it for changes. There are again certain companies that monitor only one of your credit reports. Then again there are others who watch your records for all the 3 major credit bureaus, that is Equifax, Experian and TransUnion.
The essential benefit of taking on this monitoring service remains you can get notified of all the changes that come about. This could include any change like say fraud, any new applications or even account openings.
Choosing the best credit monitoring service
Now, the idea remains to choose the best credit monitoring service. The decision is of course yours, but you should follow the standard guidelines when choosing the right credit monitoring service. In spite of that, if you find yourself in the midst of a financial crisis, then credit counseling services are there to help you out. In case of these services, there are credit counselors who’re trained to formulate a plan with the debtors so that you can actually get out of debt. This generally includes a repayment schedule.
Credit counseling includes scheduled plans
Another factor that comes into play here are the scheduled plans that credit counselors chalk out for you. You must give a clear enough picture about your current financial situation and be absolutely honest with your credit counselor. This means you should also tell him whether you’ve been a victim of fraud and if yes, then the details should be included too. Remember, most counseling agencies are known to receive a certain monthly fee for the service rendered to you.
Credit monitoring is the first essential step
Understand this for a fact that credit monitoring is the first essential step if you sincerely wish to protect your finances. It’s but obvious that you’re leading a hectic and busy life, so it might not be possible for you to keep a tab on your credit report always. Credit monitoring is rather useful and that too for more reasons than one. It offers several protections from identity theft. This in turn helps prevent financial hassles or any form of financial crisis that might come about including debt.
You see, it’s essential that you take care of your finances and in turn take the necessary measures that are required for the purpose of protecting your finances. The idea remains to take a clear look at what exactly is your financial prerogative. If you wish to secure your finances, then definitely credit monitoring is the answer to it all.