With fraud and cybercrime on the rise, the demand for credit monitoring has spiked to protect against identity theft. Credit monitoring services help you keep track of your credit report and alert you when changes are made to it. This not only enables you to manage your credit prudently, but also take immediate measures in the event of potential misuse of personal information.
Does Credit Monitoring Really Safeguard You from Identity Fraud? According to Tradebloc Tim Clark, the Founder & CEO of Tradebloc Inc., with 22+ years of experience in the credit repair industry, there is one big difference between people who have an average credit score and those with a great score. The latter monitor their credit reports regularly! But a high credit score isn’t the only reason why you should consider credit monitoring. It also allows you to keep on top of any changes made to your credit report and ensure protection from identity theft. How Does Credit Monitoring Work? Credit monitoring experts will regularly track your credit report and notify you of any changes made via text, phone, or email. Yes, you can monitor credit on your own, but professional services provide a faster and automated way to stay up-to-date about changes to your credit file. Typically, credit monitoring services report the following activities: • New accounts opened using your name and other personal information • Hard inquiries, such as someone else applying for credit by your name • Payments and balances on credit products • Name changes or new addresses updated to your credit file • Personal information such as email addresses & passwords, social security number, etc. published on the dark web However, it is important to understand that credit monitoring can help identify the signs of potential identity theft and fraud; however, it cannot help prevent fraud. But the spontaneity and accuracy with which credit monitoring alerts you to a change can be dramatically helpful in deterring fraud. As such, Tradebloc Tim Clark recommends using a powerful tool named IdentityIQ. It aids in real-time credit monitoring with more accuracy and precision. IdentityIQ provides Enhanced Credit Protection by effectively monitoring your credit comprehensively. So, you will be notified of even the minutest changes made to your credit file, such as when the TransUnion score changes by 10+ points, or you add authorized users to the credit card. This enables you to monitor every change and take immediate measures when something does not look right. Their real-time credit monitoring system includes a wide range of features like: • Authorized credit card users • New foreclosure or closed trade lines • Bankcard exceeds the limit • 10-point increase or decrease in TransUnion credit score • Stolen/lost cards • An increase or decrease in collection balances • Paid trade lines and collections • New charge-offs • Retail cards go over the limit. In a scenario where 1 in 4 Americans are victims of identity theft, professional credit monitoring can help ensure you stay well-informed, protect your personal data, and improve your credit score.
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