Financial security is one of the most important things for a lot of people to have. This may mean having a good job with a stable income, some money in the bank, a good credit score, or even very little credit card debt. All of these desires are able to be achieved when people work hard and diligently pay attention to their finances - but even the most careful people cannot always prevent identity theft from occurring. All of these things are put in jeopardy as soon as a thief gains access to your account, and it's only possible to recover after this entry has been detected and stopped. There are many options available to you in order to help you protect and monitor your livelihood, but services monitoring credit are some of the most popular...and the most helpful.
What Does a Credit Monitor Do?
This type of monitor does exactly what it sounds like it does - it keeps an eye on your credit file data and looks for certain activity that could be associated with identity theft. When these signs are detected, they are reported back to you promptly so that you may take the appropriate action. In addition, you get regular quarterly updates so you can keep on top of your credit status. Even though this type of monitor cannot prevent the initial theft, it is extremely helpful in alerting you to the potential that a theft or breach has occurred - giving you the ability to fight back and rectify the situation.
But what if nothing ever happens?
Just because you've had good luck in the past doesn't mean that you'll always be protected or safe from identity theft. These thieves are constantly changing the methods that they use in order to access the information that doesn't belong to them, so what has worked in the past for you may not continue to do so in the future. If these services are used and do not detect anything out of the norm, you'll still have a recordable and valid summary of your financial history, which can give you a better idea of where you stand throughout the year rather than waiting for your yearly credit report. Not catching identity theft because it is not happening does not mean that this type of service is not worthwhile or doesn't work, it just means that you have an added layer of protection to help fight identity theft.