Cases of identity theft have spiked dramatically over the last decade. More than 15 million Americans fall prey to identity fraud annually. Sadly, the most prevalent form of identity theft today is credit card fraud. These staggering statistics underscore the importance of having a robust ID protection system that not only monitors your credit score but also provides a suitable identity theft insurance cover.
Are you searching for a good credit monitoring firm that provides remarkable bang for your buck? You can compare the best options for credit monitoring to get one that suits all your preferences.
Why Is Credit Monitoring So Important?
The benefits of hiring a dependable credit monitoring company are too many to be ignored. Apart from contesting negative entries on your credit report, these service providers constantly monitor your credit standing with the three major credit bureaus to ensure that your FICO credit rating is excellent.
If you’ve fallen victim to identity theft in the past, you probably know how frustrating and costly it is. Luckily, credit monitoring firms provide identity theft insurance, credit reporting and real-time alerts to protect you from the adverse repercussions of credit fraud. You’re also equipped with monthly credit score updates to keep you up-to-date with your credit standing.
Here’s a Definitive Guide to Choosing the Best Credit Monitoring Service:
- Comprehensive Range of Services
In addition to providing frequent monitoring from Equifax, TransUnion and Experian, your favorite credit monitoring platform should offer a wide range of bespoke services such as:
- Social security number tracing
- Identity theft insurance
- Online privacy protection
- Dark web monitoring
- Credit restorations
- 24/7 identity theft alerts
Apart from these critical features, the firm you choose should also provide useful money management services that help clients to budget their income, pay their bills on time and manage debt. Some companies even offer credit score simulators that provide an accurate prediction of your FICO credit score and suggestions on how you can improve it.
- Responsive Customer Service
The hallmark of a great credit monitoring firm is its outstanding client service. Unfortunately, some firms pay little attention to improving their customer satisfaction scores, choosing rather to maximize their profits and increase revenue projections. If your preferred service provider doesn’t offer prompt solutions to the technical issues you encounter while using their app, then you should cross it off your list. The right credit monitoring solution should have a reliable tech support team that answers to your every beck and call. Their representatives should also offer prompt responses to all your inquiries via phone, email and live chat.
- Vast Experience and Solid Track Record
As a rule of thumb, your choice credit monitoring company should have more than five years of practical experience. They should also have an impeccable track record of excellence when it comes to ID theft protection, money management and credit score monitoring. You can learn more about a particular firm by reading plenty of candid customer reviews from reliable sites. Getting recommendations from family, friends and colleagues who use credit reporting services can also help you pick the cream of the crop. When comparing different credit monitoring companies, ensure you’ve done your due diligence and avoid rushing the process. After all, it’s always important to look before you leap.
- Regular Credit Reporting
Another vital factor to consider when selecting the best credit monitoring service is the frequency and reliability of their reports. Ask yourself: can your preferred provider dispute all the negative items in your credit report and improve your credit rating within a reasonable timeline? If not, then you’re probably better off looking elsewhere. The firm should also provide daily, weekly and monthly reports that are concise and easy to analyze. In addition, you should receive identity theft alerts around the clock to notify you whenever malicious fraudsters try to conduct credit card fraud or steal your identity.
- Affordable Pricing
A good credit monitoring platform should offer an assortment of affordable subscription plans that cater to different clientele. The service provider should create the perfect balance between exquisite customer service, reliable features and cost-effectiveness. Most companies charge anywhere between $5 and $50 for these services, depending on the number of features you opt for. Fortunately, their inexpensive rates allow customers to get regular three-bureau credit monitoring, identity theft insurance, credit score simulation and other helpful services.
Using a revered credit monitoring service is the most effective way to safeguard your credit card information, track your credit reports and prevent identity theft. The tips discussed above will definitely come in handy when choosing the best credit monitoring service for your particular needs.
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