There are many features of credit monitoring that are great whether you are trying to repair your credit or if it is already outstanding. Each of these features can benefit you in a different way. For those with good credit, a monitoring service will help you avoid Identity Theft and allow you to monitor changes in your credit score. For those struggling to build or repair bad credit, you can easily spot the negative items that are affecting your record. As you begin the repair process, you will be able to see the results by monitoring the changes to your credit score.
For those of you in the repair process, you most likely will want to monitor your FICO score as you attempt to fix your credit. The FICO score is the score most widely used by lenders when ascertaining whether to approve you for a credit card or loan. This is important to note when shopping for a monitoring service as many products will give you their own score and not a FICO score.
When lenders report to the credit agencies, they are not obligated to report to all 3 of the national credit reporting agencies. For this reason, it would be a good idea to get a copy of your report from each reporting agency. This will allow you see what information is being reported to each agency, and spot problems or false information that only one agency is reporting about.
There are many packages available and most will offer a combined 3 bureau credit report. This can be a great convenience since the format of the reports from each agency is different. The combined 3 bureau report will be in the same format and will make it easier to spot the differences between each report.
Once you have established great credit you will most likely want to do everything you can to keep it that way. For this reason, monitoring your scores is vital in maintaining that great credit you worked so hard for. All of the monitoring services that I have reviewed or personally used have email alerts that will let you know about major changes in your report or score.
If you detect or are alerted of major changes, this could be an indication of Identity Theft. Monitoring for changes is one of the best ways to alert you of the possibility of stolen identity. In addition to alerts, most monitoring services offer Identity Theft insurance that typically will reimburse you between $20,000 and $25,000 in damages.
Many services offer you the ability to see your report from all 3 credit bureaus, check and monitor your scores and setup email alerts to alert you of major changes happening to your report or score. You can also get Identity Theft insurance in the event you are the victim of stolen identity.
Take a look at my 3 bureau credit report monitoring review for additional information on some of the more popular services available.
William Lingle is the owner/operator of Clever Credit Repair - http://www.clevercreditrepair.com Please view my site for a unique approach to learning credit repair. We will arm you with the best quality information, articles and resources to repair your own credit as good or better than any professional service can offer.