What is Credit Monitoring?
Credit monitoring is a tool that allows you to track changes in your credit report and score. When a change occurs, we’ll send you an alert. You can then review the information, confirm that it’s accurate and decide what action, if any, to take.
For example, if you’re interested in buying a home and you receive a notification that your credit score increased, pre-approval for a mortgage could be the next logical step. If you receive an alert that a new credit card account appeared on your credit but you don’t remember opening one, you can proceed to notify the creditor of potential fraud. Credit monitoring also keeps you up to date with changes to your existing accounts, such as a missed payment or an increase in your credit limit. Alerts include changes to your address and new public records, including judgments and tax liens. Credit monitoring puts you in control of your credit identity and heads off unpleasant surprises where your credit is concerned.
Why do I need Credit Monitoring?
A good credit score open the door to approval for a car loan, mortgage, personal loan or a credit card. Creditors use your credit score to determine the interest rate you’ll pay on the money you borrow. A low score makes credit difficult to obtain, and drives costs higher. Credit monitoring is a great tool for anyone who wants to improve their credit standing and financial health in general because you can watch your progress as your score improves, change course when your score drops, and make strategic credit moves to help you reach your goals. By monitoring your credit, you can more effectively avoid obstacles that could stand in the way of your ability to borrow in the future.
Can Credit Monitoring help prevent identity theft?
There is no tool that can prevent 100% of identity theft. Credit monitoring, however, allows you to address inconsistencies and anomalies quickly and mitigate the damage caused by fraud or errors. The best way to protect your credit is to know and understand your credit profile. If someone attempts to take out a loan in your name for example, or if a creditor reports a late payment on an account you don’t recognize, our credit monitoring service brings you into the loop right away. Credit monitoring does not alert you to all types of financial fraud. It can only help you spot signs of identity theft on your credit report.
Which credit bureau will you track?
When you create a free credit monitoring account with Credit Sesame, the credit monitoring services you receive are based on the information in your TransUnion credit report. Our premium credit monitoring service allows you to track your credit reports issued by all 3 major credit bureaus: Equifax, Experian and TransUnion. Platinum Protection membership also monitors your Social Security number, public records and the use of your personal information on black market websites.