Credit Monitoring Service: The Pros And Cons
Pros OF Credit Monitoring Services
- A credit monitoring service makes a personí life so much easier. Instead of personally filing for a credit report in the agencyís office, you simply need to go online to quickly pull them up. A credit report is generally presented in an easy-to-understand format, which wonít require you to hire the services of a professional financial analyst to sort through the clutter.
- Credit monitoring services quickly notify you of any activity in your account. Youíll also be able to immediately notice if ever there are any inconsistencies, inaccuracies or flaws within your report. By immediately finding out any numerical or typographical errors, this allows you to quickly file disputes to correct any inaccuracies. Aside from alerting you of any fraudulent activity or inconsistencies, a credit monitoring service can also help you effectively manage your credit.
The Downsides of A Credit Monitoring Service
- According to credit experts, itís quite impossible for each company to effectively monitor each of their clientís credit report on an hourly basis. Because some creditors donít report certain accounts immediately, the person will not be notified once the activity takes place. Credit monitoring services also cannot fully detect any fraudulent activity, because there are a number of details in your account which credit agencies are often not alerted, or notified about.
- The problem with some credit monitoring agencies is that they charge fees which are unethically exorbitant. There also have been a few occasions where people cannot easily opt out of their credit monitoring service, even if they wanted to. While an unsatisfied credit monitoring agency client may wish to stop receiving, or reading credit reports, he or she will still be charged the monthly rate. And while some credit monitoring agencies brag about their daily monitoring, the truth is that itís not as real-time as advertised, since many creditors often are late, or incur delays, when reporting new data to the credit bureaus.
There are other alternatives to credit monitoring services though. The choices include identity-monitoring services, which cost less, and provide you with a fair amount of credit report monitoring for free. Would a credit monitoring service be worth the $100 or $150 annual fee? The decision will depend largely on your specific circumstances, as well as whether you have a hundred dollars or more to spare for to pay them.
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