- HOW IT WORKS?
- Credit Score & Report
- Credit Bureaus
Credit monitoring is helpful in alerting an individual whenever a change has been made in the credit report. With credit monitoring, you can make sure that there is an accurate change in the credit report and also solve the problems that you have been facing like errors in the credit report etc.
In simple words, credit monitoring is nothing but tracking the credit history of an individual. This tracking is done to figure out if there are any doubtful activities or changes in the credit report. The basic idea of a credit monitoring service is to decide the genuineness of the credit information of an individual.
Need for Credit Monitoring
- You can address the errors that have been spotted in the credit report.
- Sometimes there is some information that has been wrongly entered in a credit report. These errors can be figured out after the completion of the credit monitoring process.
- It is always good to keep a track of the credit information related to you. Credit monitoring helps in cultivating this habit.
Advantages of Credit Monitoring
If you have opted for credit monitoring of the credit report, you will get an in-depth analysis of all credit information and you can make good decisions in a proper way.
- Individuals are provided with alerts on certain activities that are important. These important activities include credit enquiries, credit history etc.
- After the completion of Credit monitoring, the individuals are given the reports for the changes that have occurred in the credit history.
- The chances of occurrence of an identity theft and fraud are reduced with the help of credit monitoring.
How Creditseva Can Help You
Tips for Effective Credit Monitoring
Credit monitoring service is meant to provide the credit information of individuals on time. Given below are the tips to be followed for an effective credit monitoring. If an individual follows these tips, credit monitoring can be done in the best way.
1. Immediate Action on Suspicion: It is good if you take immediate action in case of any suspicion on the information in the credit report. As the saying goes- “A Stitch in Time Saves Nine”, one should take immediate corrective actions so that there is no delay that has occurred in the correction of a wrong entry or information in the report.
2. Lock Your Credit Report: By doing this, you can stay alert by the mischievous activities of the deceivers who usually open new accounts using your identity. This facility of locking the credit report will help in maintaining a security across the access of your credit information.
3. Customize Your Notifications on a Priority Basis: You can opt for customizing the way you will receive the notifications and alerts. You can select the option of receiving the alerts via a phone or an email. It all depends on you.
4. Avoid Trials That Seem to Be Free: It usually happens that an individual tries some free sign ups offered by few of the companies that provide credit monitoring services. In such a scenario, the trials which are showed to be free on the website actually get converted to a monthly subscription. Therefore, it should be made sure that the individuals are not getting trapped in such schemes.
5. Monitor Your Credit On Your Own: Since there is a facility now to avail a free credit report once every year, each individual can monitor their credit report on their own also. This will help you from preventing the occurrence of illegitimate transactions.
Practical Situations Wherein Credit Monitoring Is Required
There are few circumstances where the need for credit monitoring can be realized. Following are the circumstances that explain the usefulness of credit monitoring.
- It is highly important to keep a close view on your credit record. This will help you in getting a loan at a lower rate of interest. In this case, credit monitoring proves to be utmost useful.
- If your name is similar to an individual, then there are chances that your credit record might include the other individual’s details too or vice versa. In such a situation, credit monitoring plays a crucial role.
- If you are planning to take a divorce, you need to be extra cautious about the affect of your ex-partner’s credit of your credit profile in a negative manner. Credit monitoring will be of great use to clarify certain things in this situation.
- If you have experienced fraud or you are doubtful of an identity theft, with the help of credit monitoring, you can be assured that a fraudster will not be able to open a new credit account using your name.
Credit Monitoring FAQs
1. How is Credit monitoring going to be helpful to me?
When you opt for credit monitoring, you can focus on other priority tasks rather than be checking your credit report every now and then so that there are no errors in it and your CIBIL Score has not come down. The main aim of credit monitoring is to monitor your credit report on a regular basis so that the report is clear from any errors or fraudulent activities.
2. Why is credit monitoring important?
Whenever you apply for a loan, you need to check the credit report as well as credit score. This has to be done 6 months prior to requesting for the loan. Credit monitoring is helpful in doing this in a proper way and at a proper time. By monitoring your credit information in an appropriate manner, the individual can stay far away from credit related tensions and troubles.
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