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What Credit Monitoring Offers
By Kari Johnson on April 5, 2011

view-(1).jpgWith identity theft becoming a common problem, it’s no surprise that companies are beginning to pop up everywhere claiming to protect you from it.  These credit monitoring companies’ advertisements show all of the people they have helped, but the real question is: can they help you?
The Federal Trade Commission has stated that almost ten million Americans are victims of identity theft annually.  It has also said that most people do not realize that their identity has been stolen for an average of twelve months.  Credit monitoring companies can bring it to your attention as soon as something changes.  It cannot prevent identity theft, but it can let you know sooner, greatly improving your chances of fixing the problem before it ruins your credit rating.

While these companies can give you alerts when changes are made to your credit score (including credit inquiries, account changes, and new accounts), they do nothing to prevent identity theft.  They can’t do anything to prevent identity theft.  No one can.  You can be more careful with your social security number or account information, which may decrease your likelihood of falling prey to this crime, but there is no way to completely eliminate your risk.

Another way that some credit monitoring companies are claiming to help consumers is through their insurance programs.  If you buy the product, they say they will cover your costs incurred to fix and identity theft problem.  Each company is different, so look at these terms carefully before making a decision.  Also be sure to notice any loopholes.  The most common loophole is that the company’s insurance is not effective on identity theft that occurs before you’ve purchased the service, even if you do not discover the fraud until afterward.

The most important thing to consider is that you don’t have a credit score: you have three.  Not all credit monitoring companies track all of your scores, and just one damaged score can have adverse effects on your life.

Even with these things, you may find that monitoring your credit is a good idea so that if you ever are victimized by identity theft, you can minimize your losses.  However, you should keep in mind that you can receive a credit report (for free) once a year.  You can even buy additional reports any time during the year, and the price of one report is not too different than that for one month of credit monitoring service. 

Keeping an eye on your credit score is not a bad thing.  In fact, if you were to become a victim of identity theft, it could minimize your problems, though, it is important to remember, not eliminate them.  However, paying for a service to do it is not the only way.  Consider how much monitoring you really need to do and, if you do decide credit monitoring is the best solution for you, carefully compare companies before choosing which one you will sign up for.
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