With the help of technology, our world has become a more connected place. We now get paid through our phones, use social media to communicate with friends, and communicate with businesses. However, with all these new technological advances comes a dark side: Identity theft.
Identity theft is an act in which someone steals your personal information (like your name, address, social security, etc.) and uses it to commit crimes or obtain credit. While the risks are lower for most people, those who live paycheck-to-paycheck or carry high amounts of debt should be extra vigilant about protecting their identity. With credit monitoring, it will push you in the first step to avoiding it. If you’re looking for ways to protect yourself against identity theft while still living in this digital age, read on.
Credit monitoring is a service that alerts you when your credit score changes, whether it’s due to an increase or decrease in debt. For example, say you want to buy a house and want to make sure that you’re making the right financial decisions. You can pay for extensive credit monitoring or get the basic features for free. The service will alert you when your credit score goes up or down.
This type of service is great because it helps identify when there are changes in your online activity so that you can take preventative measures to protect yourself from fraud before it happens.
The most common reason someone would use a credit monitoring service is to see if they’ve been the victim of identity theft. However, there are other reasons why you may need one. For example, your credit score can be damaged after being hacked, which means that you have less access to loans and credit cards which can be detrimental to your financial life.
But how do you find out if you’re a victim of identity theft? You can go through your bank statements and credit card statements, although it’s time-consuming and will not provide any actionable information. Your best bet for finding out whether or not your personal information has been compromised is through a reputable credit monitoring service.
Credit monitoring services monitor all of your financial transactions in order to ensure that if someone does get access to your personal information, they won’t be able to make any money off it. They also give you peace of mind about what’s happening with your identity so that you don’t worry about the consequences.
By signing up for a credit monitoring service, it will give you alerts in case someone uses your ID for anything suspicious and help you access your credit score. Another way to protect yourself against identity theft is by taking steps to reduce the risk of becoming a victim. These include using strong passwords, putting fraud alerts on your credit report, regularly checking your credit score and other important information, and staying vigilant about your personal information. The cost is still worth it for those who are concerned about their privacy or want peace of mind when it comes to their finances.
One of the biggest benefits of credit monitoring is that it can offer you peace of mind. When you sign up for a service like Experian CreditWorks, your credit score will be calculated and monitored. You’ll be able to see what’s happening with your credit score on a daily basis and if there are any changes happening. It will also alert you when someone fraudulently attempts to get access to your account in order to steal your identity. Additionally, if you have auto loans or student loans, a service like this can help make sure that you’re always making payments on time so that you don’t get into financial trouble later on down the road when your debt is more unmanageable.
Another benefit is that this type of service can save you money in the long run because it helps identify fraudulent transactions before they happen. More specifically, by keeping an eye on your credit score. If something changes drastically, like new accounts opened in your name or an unexpected change in debt, you’ll be able to take action before too much damage is done.