Maybe it is, maybe it isn't…you have to decide for yourself
California (OPENPRESS) March 22, 2012 - Credit monitoring helps with identity theft protection and prevention. There are those who actually believe this. In reality, nothing can prevent identity theft. So why sign up with a credit monitoring service?
Credit monitoring can help in the early detection of identity theft, which is key in the fight against it. The sooner you know there is a problem, the sooner you can take action to rectify the situation and minimize your damage. Costs for this type of service range from about $50 to $180 a year.
It is important to note that signing up for a credit monitoring service isn't an end-all when It comes to identity theft protection. If you sign up for such a service, you will be alerted if there is a change to your credit report but here's the catch: You'll only get alerts for the credit bureaus that are affiliated with the service you've signed up with.
So if your service works only with two of the three major credit bureaus, and there's fraudulent activity on your credit report with the third bureau, you won't know about it until it is too late. You won't know if a thief uses your information to commit fraud until you hear from a collector. Credit bureaus don't link accounts with the same Social Security numbers, but different names.
So the question now is this: Should you pay for credit monitoring? Most experts say it's not necessary to sign up for one of these services if all the service will do is monitor your credit reports. You'd be better off putting that money toward paying off your debt.
But if the service offers more than just credit monitoring, it might just be worth it. Read the fine print and know what you're getting before you sign up.
If you are going through the process of rebuilding your credit, however, a credit monitoring service can be valuable. Many of these services offer up your credit score, and it is much cheaper to check your score when you are signed up with a credit monitoring service that to order it from a credit bureau. And watching your credit score helps you know for sure that what you are doing to fix your credit is actually working.
So remember, if you are considering signing up with a credit monitoring service, check into it thoroughly. Know what's really offered and what's not. Figure out what service offering is important to you, and make sure you find a credit monitoring service that will provide it, at a price you can afford.
