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Seven Unconventional Knowledge About Credit Monitoring That You Can’t Learn From Books | credit monitoring

Credit monitoring or business monitoring is the regular monitoring of one's credit report in order to uncover any fraudulent activity or sudden changes in credit history. The term is actually an acronym that stands for “credit monitoring” and “business monitoring.” Businesses, which can be either corporations or individuals, use a credit monitoring service provider to regularly examine credit reports for any unusual activity.

Credit monitoring credit reports usually cover the activities of credit card users. Businesses commonly monitor credit cards in order to prevent employees from overspending or abusing their official social security number. As an example, the social security number is required in order for a certain applicant to gain employment. Therefore, if the prospective employee's SSN fails to show up on the applicant's credit report for a few months, this could result in the job application being denied. Companies that require their employees to have credit cards also use credit monitoring services to catch any irregularities before it becomes too late. This method of credit monitoring has been effective in finding illegal actions that were committed long before they are reported to the credit bureaus.

Business owners and consumers who use credit monitoring services, though, do not always fall victim to identity theft. This is because the majority of credit monitoring services only alert the credit bureaus of potential fraud if the consumer indicates such activity. Credit monitoring services notify all three bureaus of possible fraudulent activity using the Consumer Reports Everyday bill collector. The three bureaus then investigate the potential incidents and notify the respective creditors of the potential fraud.

Some credit monitoring services actually make hard inquiries on your credit reports for the sole purpose of sending you a collection call. When you receive a call such as this, try to take down the number and call them back. Ask to speak with a supervisor and ask why they are contacting you. Often times, these kinds of collection calls result in people becoming upset and angry. If they cannot provide you with the reason for contacting you, or if you do not feel comfortable with their attitude, hang up the phone.

Other credit monitoring services send out fraudulent alerts to the various creditors. These notifications generally include items such as new credit card inquiries, phone calls, and new auto insurance policies. Because these kinds of notifications are sent to the creditors automatically, there is no way for the consumer to challenge the item on the credit report. Therefore, these are considered “fraudulent” and result in the creditors reporting the account to the credit bureau. As with hard inquiries, there is usually nothing the consumer can do to challenge the validity of the item on their credit report.

For consumers who have several accounts, such as store cards, mobile phones, and credit cards, some credit monitoring services may bill them for services they never receive. This is because credit bureaus allow for a maximum of three credit reports per year. Many services bill for services that are not received, and therefore cannot be billed.

Consumers should always be sure to read the terms of use of any service providing credit monitoring. Most triple-bureau services allow for unlimited number of free reports each year. However, the maximum per report amount may vary between the companies. Some also allow for one free report every six months. A good rule of thumb is to read the terms of use of the credit monitoring service that most closely matches your needs.

In the end, a credit monitoring service is helpful because it allows the consumer to keep track of his or her credit reports. The process is usually very simple and only takes a few minutes each month. The goal is to allow the consumer to spot changes in their credit score, if there are any. Doing so will allow for future improvements in the credit score, which will make getting loans and other financial opportunities easier. It is important to understand the differences among all three credit reports so that you can best take advantage of what a credit monitoring service alerts you to in your credit scores.


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