4 Ways to Pick a Credit Monitoring Service

As of 2023, Federal Trade Commission data reported that consumers lost over $10 billion due to identity theft and fraud.  And even if you’ve been lucky enough to evade identity theft thus far, just like you’d keep an eye on your home security, there’s nothing wrong with protecting your credit – which is why credit monitoring is a must in the digital age.

Credit monitoring is a service that continuously tracks your credit reports from the major credit bureaus for any changes, self-imposed or otherwise. This includes any new accounts opened in your name, hard inquiries from lenders, and changes to your personal information. By regularly checking your credit reports and alerting you to any suspicious activity, credit monitoring services allow for early detection of potential identity theft or fraud. But with so many services available, how do you know which is the best one to pick? Read on to find out the best tips and tricks for picking the perfect credit monitoring service.

 4 Ways to Pick a Credit Monitoring Service

 1. Choose Based on Features

If you’re looking for a specific service offered by a credit monitoring service, you’ll want to weigh your decisions based heavily using that service. A good credit monitoring system includes all three major bureaus (Equifax, Experian, TransUnion). Also, ask yourself whether or not you’d like a service that offers only your FICO® Score or other score models as well. Also, you could look for services that offer dark web monitoring, fraud alerts, data breach monitoring, or credit freeze assistance.

Other features of credit monitoring services include credit simulations, which allows you to see how different actions might affect your score. If credit repair assistance is one of your must-haves, be careful – credit repair scams are everywhere, and you don’t want to be subject to one of them.

 2. Choose Based on Pricing and Plans

It’s rare you’ll find a free credit monitoring plan that retains legitimacy and provides a decent service. For the most part, you’ll have to pay a subscription fee. As such, you’ll want to compare monthly and annual subscription fees based on how much it’ll save you.

If you do find a free service, analyze the pros and cons of what the free product offers versus a paid product. Ask yourself, are free trials available? And does the company offer any guarantees?

3.Choose Based on Customer Service and Support

In case you need help with your credit monitoring service, you’ll want to know how easily it is to you contact customer support through either phone, email, or a chat service. How quickly do they typically respond to inquiries? To get a sense of this, read reviews from other customers to gauge their experiences.

 4.Choose Based on Company Reputation and Security

When credit reports can be subject to dangers such as identity theft, you’ll want a safe service that can guarantee protection. Ask yourself, how does the company protect your personal information? Is the company reputable and well-established? Check the company’s rating with the Better Business Bureau to see if their security is to your personal standards.

 Choosing the Right Service for You

Everyone’s needs are different, so before you pick your preferred credit monitoring service, check in with yourself to assess your needs. What level of credit monitoring and identity theft protection you need, your budget, and your priorities, such as comprehensive features, low cost, and excellent customer service. You could even go so far as to create a comparison chart to easily measure features, pricing, and customer reviews of different services.

No matter what, your credit is worth the cost of protection. If you don’t want to compromise on cost, features, or safety, look into a service like MyFICO® that can start you on the road back to credit-consciousness.

Disclaimer: This content is sponsored by MyFICO® and is provided for informational purposes only. The information shared here is not intended to serve as financial, legal, or credit-related advice. Readers are encouraged to consult with their personal financial advisors or credit professionals to assess their specific situation. To learn more about MyFICO®’s services, including credit scores and monitoring tools, please visit the MyFICO® website or reach out to a MyFICO® representative.

Contact Information:
Name: Sonakshi Murze
Email: [email protected]
Job Title: Manager