Credit Monitoring Service: The Pros And Cons

A credit monitoring service is a facility which helps people effectively handle, and keep tabs on their credit history, to determine if they are viable for availing any form of financing. With so many credit monitoring agencies in operation these days, most of these are reputable, while some companies are nothing but pure scams, who usually charge excessive fees. A credit monitoring service often informs their clients of any changes to a personís credit file, whether it comes as a result of late payments, change of address, new employers, new inquiries or bankruptcies and other public records. If youíre still undecided regarding which credit monitoring service to sign-up with, here are a few pros and cons of signing-up with credit monitoring services.

Pros OF Credit Monitoring Services

- A credit monitoring service makes a personí life so much easier. Instead of personally filing for a credit report in the agencyís office, you simply need to go online to quickly pull them up. A credit report is generally presented in an easy-to-understand format, which wonít require you to hire the services of a professional financial analyst to sort through the clutter.

- Credit monitoring services quickly notify you of any activity in your account. Youíll also be able to immediately notice if ever there are any inconsistencies, inaccuracies or flaws within your report. By immediately finding out any numerical or typographical errors, this allows you to quickly file disputes to correct any inaccuracies. Aside from alerting you of any fraudulent activity or inconsistencies, a credit monitoring service can also help you effectively manage your credit.

The Downsides of A Credit Monitoring Service

- According to credit experts, itís quite impossible for each company to effectively monitor each of their clientís credit report on an hourly basis. Because some creditors donít report certain accounts immediately, the person will not be notified once the activity takes place. Credit monitoring services also cannot fully detect any fraudulent activity, because there are a number of details in your account which credit agencies are often not alerted, or notified about.

- The problem with some credit monitoring agencies is that they charge fees which are unethically exorbitant. There also have been a few occasions where people cannot easily opt out of their credit monitoring service, even if they wanted to. While an unsatisfied credit monitoring agency client may wish to stop receiving, or reading credit reports, he or she will still be charged the monthly rate. And while some credit monitoring agencies brag about their daily monitoring, the truth is that itís not as real-time as advertised, since many creditors often are late, or incur delays, when reporting new data to the credit bureaus.

There are other alternatives to credit monitoring services though. The choices include identity-monitoring services, which cost less, and provide you with a fair amount of credit report monitoring for free. Would a credit monitoring service be worth the $100 or $150 annual fee? The decision will depend largely on your specific circumstances, as well as whether you have a hundred dollars or more to spare for to pay them.

By your GoodBuddy Richard La Compte
You may contact me through my Help Desk


Website URL:
Title / Subject:
Hide my email


My Articles


   Related Sites

My Articles

5 Major Threats To One's Credit Score
... number of missed payments and late payments, your credit ...

5 Ways To Build Your Credit Score
... kid's education, or from buying a new home. Therefore, ...

5 Ways To Repair Your Credit Card Debt
... each time they come due. Timely payments make for happy ...

5 Ways You Can HURT Your Credit Score
... highway, these actually help to slowly mangle your credit ...

Related Products:

Related News:

This RSS feed URL is deprecated
Sun, 18 Mar 2018 03:20:03 GMT
    This RSS feed URL is deprecated, please update. New URLs can be found in the footers at

5 Reasons People With Excellent Credit Scores Get Denied - Forbes
Fri, 16 Mar 2018 20:24:00 GMT


5 Reasons People With Excellent Credit Scores Get Denied
You are proud of your credit score. Yet, when you apply for a credit card, you are denied. How can that happen? Despite what many of us believe, an excellent credit score is not a guarantee of acceptance. Here are five reasons why you could get ...

and more »

Major Canadian Bank Files Patent To Make Credit Scores... | News ... - Cointelegraph (Bitcoin, Cryptocurrency and Blockchain News)
Sat, 17 Mar 2018 11:15:11 GMT

Cointelegraph (Bitcoin, Cryptocurrency and Blockchain News)

Major Canadian Bank Files Patent To Make Credit Scores... | News ...
Cointelegraph (Bitcoin, Cryptocurrency and Blockchain News)
The Royal Bank of Canada (RBC), reportedly the country's largest bank, filed a patent for a credit score platform using Blockchain technology this past fall, according to the patent application from the US Patent and Trademark Office released March 15 ...
Royal Bank Of Canada Patent Application Describes Automated Credit Score Platform Using Blockchain TechnologyETHNews
RBC Files Patent For Blockchain Based Automated Credit Score PlatformLegal Gambling News (press release)

all 8 news articles »