The basics of credit monitoring
In today's world, many things depend on your credit—loan approvals, insurance premiums, even the success of job applications. While checking your credit report is always a good idea, monitoring your credit year-round can be equally important.
What is credit monitoring?
A credit monitoring service acts as both a personal assistant and a watchdog when it comes to your credit. TransUnion's credit monitoring service gives you frequent access to your credit history, so you can check your credit report as often as you like. It monitors your credit file and alerts you to key changes such as a new account opened in your name or negative information like a late payment reported by one of your creditors. Credit monitoring keeps you informed, helps you stay on track and is a great way to maintain a healthy credit score.
Credit monitoring can help alert you to identity theft
When identity thieves strike, they usually have your name, Social Insurance Number, and sometimes a credit card number. With this information, imposters can apply for credit cards, rent an apartment, take out a car loan and even open new bank accounts in your name. Most victims don't realize they've been compromised until they review their credit report or credit card statements, and by then, it may be too late.
Using a credit monitoring service can help alleviate the headaches that come with trying to restore your identity after it's been stolen. Credit monitoring helps you act immediately whenever anything suspicious occurs.