How Does Credit Monitoring Really Work?

How Does Credit Monitoring Really Work?

How Does Credit Monitoring Really Work? A credit monitoring service will continually monitor your credit files for any changes. When a significant change does occur, you’ll be alerted via email or text. By knowing what’s happening on your credit reports you’ll be able to help prevent identity theft. In fact, the FTC recommends close monitoring of your credit reports as one of the best methods to detect identity theft. Most credit monitoring services, like myFico, also give you free credit scores and credit reports, plus explanations of what factors are helping or hurting your creditworthiness.

There are a number of companies offering comprehensive credit report monitoring service, but myFICO is one of the very few to monitor your actual three-bureau FICO credit scores, which is used in about 90% of credit inquiries related to applying for a loan or new line of credit. Although more expensive than most of its competition, myFICO will send you updates anytime your credit scores change. This is a great feature, as it allows you to keep a constant pulse on your financial health.

myFICO also includes a wide variety of tools to monitor your credit reports, such as financial calculators. With three-bureau monitoring and ongoing score updates, myFICO offers a rarity with your actual FICO scores, which is a huge plus. I highly recommend myFICO as do many of my clients who have used their services.

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