Credit monitoring can help in the fight against identity theft - but it doesn't stop it. The reality is that monitoring services will only allow you to act after something has happened.
California (OPENPRESS) September 13, 2011 - Credit monitoring can help in the fight against identity theft - but it doesn't stop it. The reality is that monitoring services will only allow you to act after something has happened. Monitoring your credit will, however, allow you to quickly respond to fraudulent or inaccurate entries on your credit report.
Signing up for a credit monitoring service will not completely protect you. The services can range from about $50 to $180 per year, depending on the service and on what's being monitored. Is it worth it?
When you sign up with a monitoring service via one of the three credit bureaus, you'll only be alerted to changes in your credit report at that bureau. If anything happens outside of that realm, you won't be notified. But even those services that offer monitoring of all three bureaus aren't foolproof, because a thief can open an account in your name without having to endure a credit check.
You also might not be notified if a thief uses your Social Security number with another name. Credit bureaus don't link together accounts with the same Social Security numbers but different names.
So is this a service you should pay for? If you are going through a credit repair process, it can be cheaper to monitor your credit score through a service, rather than ordering your credit score once a month. If your Social Security number has been stolen, and the thief is using it to open new accounts in your name, it's also helpful. But keep in mind, you can place a freeze or fraud alert on your credit report that's free.
There are options out there that allow you to give them a try free for a period of time, but you will be required to provide your credit card number. You must remember, however, to cancel the service before the trial term expires, or your card will be charged.
The bottom line is this: look at your situation and weigh your credit monitoring options against that. If you need help, get help. Otherwise, there are options that are free.
