It’s a common misconception that credit monitoring services are only for those who are irresponsible with money or who have bad credit. In fact, just the opposite is true. If you have good credit and want to maintain it, or even improve upon it, a credit monitoring service can benefit you greatly.

A credit monitoring service allows you to track your credit reports through the three major reporting bureaus, Transunion, Experian and Equifax. You’ll receive regular reports briefing you on the contents of your credit report and alerting you to any red flags. What’s more, if you find anything negative that’s on your report in error, most credit monitoring services allow you to dispute the item directly through them.

A monitoring service is an excellent resource for identifying points of weakness in your credit profile so that you can improve it. The reports should give you a detailed breakdown on where your credit comes from and how each portion impacts your credit score, either negatively or positively. By looking at these detailed reports, you can identify where you need to make changes to raise your score and increase your chances of being approved for that home or car loan you’re eyeing.

Perhaps one of the most lucrative reasons to enlist a credit monitoring service is to protect yourself from fraud. Identity theft is ever-rising in the US, with so much of our sensitive personal data stored online. Thousands of Americans have their financial account hacked and private information stolen every month. With a credit monitoring service, you’ll immediately be alerted to any fishy activity on your accounts so you can take steps to stop it before it spirals out of control.

In short, a credit monitoring service is a great way to track your financial health on a monthly basis. You’ll receive regular updates on your credit score and can watch it grow month-by-month as you take steps to improve it.