Step 5 - Get Credit Monitoring

Credit Monitoring: 5 Things Everyone Should Know, But Doesn’t

A bad credit score is like a shadow that follows you everywhere – when you take out a mortgage loan, a student debt, automobile loan or get insurance. It even impacts your ability to land your dream job. With this incredible impact, it definitely pays well to know the essential aspects of your credit report, and how certain behaviors help either raise or plummet your credit score.

Here are five critical reasons why monitoring your credit report is so imperative:

1.Tracking All Three Credit Reports Is Essential

Your credit score – also referred to as the Fair Isaac Corp (FICO) score – is numbers ranging from 300 and 850. This three-digit number is what defines your creditworthiness. There are three main credit-reporting agencies Equifax Inc., Experian PLC, and TransUnion use your personal financial information to crunch data to derive your credit score. However, even the sources of the information is the same for each corporation, they do not share information, and thus, the number may vary. It is therefore, imperative that you gain a credit report from each of these agencies to get a fair idea.

You should have been done with this in our very first step, where you were required to check your credit report for free; however, if you haven’t already done so, you should now in order to continue.

2.Identity Theft Protection

A 2015 research note from Barclays stated that the United States is responsible for 47 percent of the world’s credit card fraud, despite only accounting for 24 percent of total worldwide card volume. Furthermore, in 2014, the Consumer Sentinel Network reported identity theft as the number one concern. In 2014 alone, identity fraudsters stole $16 billion from 12.7 million U.S. consumers. Regularly monitoring your credit reports can alert you of such fraudulent transactions, so that you are not one of those 12.7 million victims.

3.Financial Planning

Checking your report once a year may simply not cut it. With all your hard-earned money, you want to stay up-to-date with the hanging financial scenarios so that you can plan better for the future. Credit monitoring services allow you to keep an ongoing account of your credit.

4.Instant Alerts

One of the most interesting and attractive features of credit monitoring is the ability to get immediate alerts if any suspicious activity is noticed. You receive an instant call or email so that you can take measures to react.

5.Examine Changes In Reports

Financial transactions you make have the ability to impact your credit report and ultimately your credit score. However, there are some operations that have a bigger impact; for instance, buying a house by taking out a mortgage loan, purchasing a vehicle via automobile loan. How are these major changes impacting your credit score? Credit monitoring services helps you identify the impact, so that you understand and examine the changes.  

Credit monitoring is your step 5 in the 7 Baby Steps to Fix Bad Credit. By now you should have already been completed in step 1 when you got your FREE credit reports with a FREE trial of Credit Monitoring.  If you already had your credit reports or your 2 week free trial expired, then sign up for a regular subscription for credit monitoring now!


Credit Report Monitoring Reviews

There are a lot of ways to get your credit scores and credit reports and a lot of credit report monitoring services out there. The reality is that most of them are the same services repackaged by different companies. Our editor has researched and tried all of them. We've created the comparison review below to help you make your choice. below and reviews for only the services that we have found offer the best features and information at the best price. We selected these credit report monitoring services because each of them offers something valuable at a better price than you can find elsewhere for email alerts within 24 hours of a change to your credit report and are run by large, reputable companies. 

Here Are Some Ways to Get Started


Provider:Bottom Line:Credit Scores:Credit Reports:Trial PeriodCredit Monitoring:Rating:
Identity Guard®Most comprehensive & best overall service we have reviewed; All 3 credit scores free; free 30-day trialFree credit scores
  from all 3 bureaus
Free credit reports
from all 3 bureaus
Free 30-day trialAll 3 bureaus
FreeScoresAndMoreAll 3 credit scores free; monthly credit updates plus other benefits; free 30-day trialFree credit scores
from all 3 bureaus
Free credit reports from all 3 bureausFree 30-day trialAll 3 bureaus
PrivacyGuardAll 3 credit scores and 3-bureau credit report for $1; monthly credit score and report updates and excellent identity theft protection; $1 30-day trialFree credit scores
from all 3 bureaus
Free credit reports from all 3 bureaus$1 30-day trialAll 3 bureaus
TrustedIDAll 3 credit scores free; monthly Equifax credit report and score updates; free 14-day trialFree credit scores
from all 3 bureaus
Free credit reports from all 3 bureausFree 14-day trialAll 3 bureaus
LifeLock Ultimate Plus®All 3 credit scores free, excellent ID protection; free* 30-day trialFree credit scores
from all 3 bureaus
Free credit reports from all 3 bureausFree* 30-day trialAll 3 bureaus
Credit KarmaOnly 2 of the 3 bureaus are monitored, Equifax and TransUnion; credit reports and daily credit monitoring for free for Equifax & TransUnion; uses your personal information to sell you credit card offersFree credit scores
from ONLY 2 credit bureaus - Equifax & TransUnion
Free credit reports  from ONLY 2 credit bureaus - Equifax & TransUnionFreeONLY 2 credit bureaus - Equifax & TransUnion monitoring