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Credit Monitoring

Credit Monitoring Reports: What Are They?

What is a credit monitoring report?  Don’t confuse credit monitoring services with the simple free credit report that is legally available to all consumers via the three major credit bureaus.  In fact, some companies offering credit monitoring report services are not affiliated with the big three credit bureaus (Equifax, Experian or TransUnion). 

While every American is entitled to at least one free credit report each year, companies may charge for other services, including a credit score and a credit monitoring report, which is a regularly updated report on all credit activity. 

Why would a consumer need to pay extra for a credit monitoring report?  Credit monitoring reports can help you keep track of progress (hopefully upward) in your credit score.  They can also help you keep track of any fraudulent activity or identity theft (so you can fix the problem quickly).

Credit monitoring reports are frequently sold on a subscription basis.  In addition to regular updates detailing critical changes to your history, the service might also include regular unlimited access to your credit report, credit scores and reports explaining various data on your credit report.  Credit reports are abbreviated and may be difficult to read or to understand, regarding how history relates to credit score.  A consumer looking to improve or maintain their credit would appreciate such an explanatory report.

A credit monitoring report is an important online service that protects you against identity theft and one that can help you improve your score on a daily basis.