Credit monitoring offers a useful array of services from which virtually anyone can benefit. If you suspect the presence of questionable negative items on your credit report, credit monitoring will deal with your creditors to get them removed, thus improving your credit score. If you are looking to rebuild your credit, credit monitoring can also help you by removing items such as late payments, charge-offs, etc.
 
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The First Tier: Credit Repair

One in every four Americans has a credit report that contains an egregious error. That means 25% of you reading this have some discrepancy on your credit report that is unnecessarily hurting your credit score. Questionable derogatory items abound on credit reports, but the good news is that they are fixable. By law, creditors are required to remove derogatory items when disputed if they cannot provide corroborating documentation within a certain time period. All told, the dispute process can be arduous and time-consuming. However, with professional credit monitoring, the entire process is taken care of for you by experts in the business who stand behind their work with a money-back guarantee.

Why Repair is Included in Credit Monitoring

Credit repair is an integral component of credit monitoring because erroneous derogatory items can hurt your credit just as much as an identity breach or other fraudulent crimes. It is no secret that credit scores matter, and derogatory items that diminish them can cost you a lot of money in the long-run. If your credit score is below its potential because of errors contained in your report, you will end up paying higher interest rates, more fees, and perhaps not even qualify for certain loans. Credit monitoring ensures that your report is 100% accurate to maximize your credit score and, ultimately, save you money.

The Second Tier of Credit Monitoring: Prevention

The FTC estimates that about 10 million Americans have their identities stolen each year, with an average out-of-pocket cost of $5,000. Here's the bright side-for those victims who caught the theft within the first five months, there was no out-of-pocket cost. Clearly, prevention and early detection pay off. With credit monitoring, you have the comfort of knowing professional credit watchdogs are vigilantly tracking your credit and will alert you to any changes immediately. Here are the common components of credit monitoring:

  • Credit score analysis. The credit monitoring company provides you with regular credit score improvement analyses. Typically every month, the company will evaluate your credit report against the primary factors that that affect credit scores. They then compose an in-depth report of their analysis, complete with tips on how you might improve your score. They will let you know what is hurting your credit, what is helping it, and how you can improve your credit situation.
  • Credit report monitoring. Knowing immediately of any changes in your credit report is the best way to prevent identity theft and other crimes from happening to you. Of course, this would be next to impossible, and very costly, to do on your own. With credit monitoring, though, you get the peace of mind of knowing you will be immediately alerted, usually via email, of any changes that might affect your credit positively or negatively. As a bonus, you will also get tips on how to make sense of and use the data.
  • Identity theft insurance. Preventing identity theft is the #1 goal of credit monitoring. In the event that prevention fails, though, you want to protect yourself financially. Identity theft can be an expensive proposition for victims, so giving yourself a safety net is a smart idea. For this reason, credit monitoring also includes an insurance policy of up to $25,000 against identity theft. In addition to the money, credit monitoring will also provide you with on-call identity theft specialists to help you reclaim your identity.