Monitoring Your Credit with a Professional

Credit Monitoring Explained

Every credit monitoring service has a slightly different suite of offerings but in general, you can expect to be alerted of any change on your credit report. You generally get to choose the most convenient way to receive this information, such as a phone call, email, or text message.

There are several types of changes you want to be on the look out for. Common red flags include:

• Hard inquires
• New accounts

If you didn’t initiate any of these changes, you could be the victim of identity theft and you’ll want to take immediate action. 

A credit monitoring service can also help you during the credit repair process. For instance, you can track changes to existing accounts or new public records to figure out how your score is being impacted. You can make sure your debt payoff is accurately recorded with the credit bureaus or track how and when a new tax lien or civil judgment affects a score. All of this information is helpful when figuring out the best way to improve your credit.

Credit Monitoring vs. Identity Theft Protection

Credit monitoring focuses on information found on your credit report and how your credit score is faring. While tracking this data can inherently help quickly alert you to signs of identity theft, it’s not as robust as a service that specifically focuses on identity protection.

What additional services are typically included in an identity theft protection plan?

Many companies also monitor things like new utilities requests under your name, payday loan applications, and dark web activity to see if your personal information is being sold or traded. Some services included identity restoration services as part of their package deal. If you do become the victim of identity theft, they’ll work on your behalf to clear up the fraudulent accounts.

Consider a company that not only offers credit monitoring, but also identity restoration services.

Whether you choose a credit monitoring service or a more comprehensive identity theft protection service largely depends on your goals. The former is better if you want to work towards fixing your credit, while the latter is better if you suspect your personal information may be compromised.

Frequently Asked Questions

by Lauren Ward

Personal Finance Writer

Lauren Ward is a personal finance writer with nearly ten years of experience covering topics like loans, credit, and real estate. She lives in Virginia with her husband and three children.