Why use credit monitoring? In today’s world of “everything’s online”, the idea of personal privacy has gone the way of rotary phones. It simply isn’t available anymore — every company online collects at least some data on your activities, and many of them sell it to third parties.
That’s why identity theft and credit fraud are so common. In fact, 14.4 million people were victims of identity fraud in 2018 alone, resulting in $1.7 billion dollars of out-of-pocket losses.
You don’t want that to happen to you! That’s why credit monitoring is so important. Here are the top three benefits of using a credit monitoring service.
Peace of Mind
While credit monitoring can’t stop all types of fraud, it can make an important difference in your financial security. You’ll be alerted of new accounts, credit inquiries, high card balances, missed payments, and more.
This can help you notice the signs of identity theft and fraud immediately before a significant amount of damage is done. You’ll save money and even better, you’ll have a clear running history of your credit activity if you need to file a complaint or report.
It’s not easy to protect yourself when everything is done online, but credit monitoring goes a long way to providing you with peace of mind when it comes to your finances.
Spot Credit Inaccuracies Quickly
No one is perfect, and credit card companies and other lenders do make mistakes that can impact your credit. Fortunately, credit monitoring services let you detect these mistakes quickly so that you can take action.
As you get updates on your credit score and the factors that impact it, you can find out right away if there are mistakes that have been placed on your credit record — before they have a chance to make a serious dent in your credit score.
Then, you can dispute the inaccurate information quickly so that it’s removed before it can impact your financial life.
Help You Practice Good Credit Habits
Not everything about credit monitoring is about preventing problems. Credit monitoring services can also help you build good habits and work toward your financial goals.
For instance, if you’re repairing your credit or working toward buying a home, credit monitoring can help you see your credit score improve and let you know what issues are still holding you back. As you see things get better, you’ll learn excellent financial habits and be encouraged that you’re moving toward your larger goals.
Get Started with Credit Monitoring Today
At Tradebloc, our credit monitoring services can help you identify suspicious activity and stop it in its tracks. In today’s online world, that peace of mind can mean the world to you.
We also help you recognize what might improve your credit score, know when you might qualify for lower interest rates, and develop financial habits that will serve you well for a lifetime.
If you’re ready to be protected from fraud while moving toward significant financial goals, let us help. Contact us today!
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