Traditionally, people think of credit monitoring as something you use when you need to repair your credit. That’s not necessarily the case. If you’re looking to maintain your great credit score, a credit monitoring service can be equally beneficial to you.
Image showing ScoreA credit monitoring service provides your credit reports from the three major reporting bureaus–Experian, Equifax and TransUnion. Each report will provide a thorough summary of your credit history and status, along with pointing out anything that is currently dinging your score. If any of the reports contain errors, it’s important to dispute them with the credit bureau as soon as possible to resolve the issue.
The great thing about seeing your credit report on a regular basis is that it provides a clear roadmap for how to improve your score. Things like too much credit, a high debt-to-credit ratio and a short credit history can all affect your score, and the report will note which of these things are an issue. This gives you a simplified plan for how to correct it and raise your score.
TransUnion’s credit monitoring service is particularly useful as it provides your score from all three of the major bureaus. This is a nice way to compare the scores side by side to see where you can improve.
One of the main reasons for using a credit monitoring service is to guard against identity theft. In today’s digital world, it’s all too easy for thieves to hack into your personal information and destroy your financial profile. With credit monitoring, you’ll be alerted as soon as suspicious activity appears on your account so you can take steps to fight it.
When it comes to your credit, investing in a monitoring service is a small price to pay for financial peace of mind. Whether you’re repairing your bad credit score or protecting your good one, monitoring your reports closely and regularly will ensure you stay on track to your financial goals.