Most consumers have at least a basic understanding of how valuable
their credit score is for them and their future. After all, a good
credit score determines a lot in our future, from obvious issues - such
as whether we'll be able to get a loan when we need it most, to less
considered problems - like applying for high-ranking jobs. Everyone,
from bank managers to employers use your credit rating to figure out how
reliable you are as a person, and it's up to you to ensure that you
have a good number and keep that number healthy.
Unfortunately,
even if you are particularly cautious with the way that you spend your
money, and budget strictly to ensure that you never place yourself in
debt, there is a way that you can still end up with a bad credit score -
and this is through identity theft. Without a credit monitor
to help you, you may not even be aware that your score is suffering
until months of damage have passed. This could ruin your finances and
reputation and might take a long time for you to recover from it.
How Monitoring Credit Helps
Monitoring
your credit is one of the best ways to help protect yourself from the
effects of issues like identity theft. The reason for this is that a
credit monitoring service gives you access to your credit report
data on a regular basis. What the service provider does is to monitor your
credit report data every business day, compile it, and send you prompt alerts if certain changes are detected - changes that could indicate identity theft that could result in damaging your finances and ultimately, your credit score. If you want to protect yourself when you monitor credit, you need to review these alerts and take any necessary precautions if you suspect fraud.
Protecting Yourself
Aside
from credit monitoring you also need to be careful in the first place
to reduce the chances of your personal information getting into the
hands of criminals. Remember to shred your credit statements and other
similar documents before throwing them into the trash. And make sure
that your PIN cannot be seen by others as you use an ATM. Make sure
to be careful when using your email and visiting websites. Be always on
the lookout for possible phishing scams that are designed to steal your
details.
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