Credit monitoring is one of the best ways to improve your credit score and your buying power. But what does credit monitoring really mean? How do you know what credit monitoring service is best? And how can you make sure you’ve picked the best credit monitoring method AND identity protection?
Your answer might be, “Don’t worry, Miguel! I know my credit scores already. I have ‘Credit Karma’ or ‘Credit Sesame’ or ‘FreeCreditReport.com.’ ”
Unfortunately, these services are not always what they claim to be. Today, we’ll dig into the problems with these so-called “free” credit monitoring services, and help you choose the best credit monitoring and identity protection available.
What Does Credit Monitoring Mean?
Credit monitoring helps you track your credit ratings in real-time so you can improve your credit score. We always ask clients: “Do you have car insurance? How about health insurance? Then why don’t you have Credit Monitoring?”
Today, we live in a credit-driven society where everything revolves around your three-digit credit score. Credit is the most important financial asset to protect when it comes to building wealth.
So, What’s Wrong with “Free” Credit Monitoring?
In life, you often get exactly what you pay for, and it’s not a good thing. Though “free” sounds fantastic, it actually doesn’t help you understand which credit monitoring service is best. These “free” services come with a bundle of issues that could cause big trouble for you, both now and later. Here’s why:
They often report the wrong score
90% of lenders use the FICO credit rating score. Many free services use the Vantage Score 3.0 or 4.0 instead. It’s a competitor that’s gaining popularity, but it’s mostly used for educational purposes. FICO is still preferred.
You won’t get the tools to improve your credit score
Though you will get some information, you’re not going to get the full picture that you need to improve your score, and isn’t that the point, here?
You may trigger debt collection
You’re trying to improve your credit, not alert debt collectors! However, using a free service has been known to create “data triggers.” These triggers send a signal to the very same debt collectors that consumers owe money to. Yikes.
You put your personal information at risk
Remember, the number one business in today’s world is “data collection” or “data mining.” Any time you share any personal data, it’s at risk for resale to the highest bidder. That includes third-party debt collectors! If you ever try a “free” service, you may notice old debts miraculously reappear on your credit reports as new debts; the debt collection process is restarted, and your credit score is WORSE than ever. Say what?!
What Credit Monitoring System is Best?
So, what to do?! My recommendation is to sign up for a paid subscription like our SmartCredit Monitoring App – it’s a comprehensive credit and money management app that enables our clients to better manage their credit and personal finances. InCreditable Advisors’ partnership with SmartCredit allows you to track your 3 personal credit scores, along with your auto score, your insurance score, your hiring index grade and a dashboard that allows you to manage your personal finances all in one place. Here’s why it’s the best:
You’ll get access to all three major credit bureaus
You can see what’s being reported from TransUnion, Equifax and Experian for the best possible credit assessment. We’ll also give you recommendations for a healthier credit profile.
You’ll receive the best credit monitoring and identity protection
Identity theft is the fastest growing online crime in the United States; it occurs at a rate of once every 79 seconds. The Federal Trade Commission (FTC) reports that identity theft ALONE accounted for over 42% of all frauds reported to federal authorities. The victims that suffer the most significant financial impact have a thief who opens new accounts in their name and goes undetected for longer than 6 months.
If you’re monitoring your credit report, you’ll note suspicious activity, and you can stop an identity thief in his tracks. Please understand that identity theft costs are astronomical, not to mention the emotional drain it puts on you and your family.
With these things in mind, it is easy to understand why checking and monitoring your credit report should be an important part of your identity theft prevention strategy. As the speed of information technology becomes even faster, and as identity thieves become more creative, monitoring your credit profile on a daily basis is more important than ever.
Let’s Get Monitoring!
Ask yourself this: Are you sick and tired of being rejected and embarrassed because of bad credit? Are you fed up with paying double, if not triple for everything you buy and finance? Do you want to buy a house for you and your family, because it’s cheaper than renting? Do you want your credit report to reflect a good image of yourself and to honor your good name? Are you frustrated with errors and false information on your credit report?
If your answer is yes to any one of these, then GOOD FOR YOU! Now is the time to take control of your credit, improve your score, reach your financial goals and stop making everyone else RICH!!!
InCreditable Advisors has helped more than 80,000 individuals just like you restore and improve their credit. Our organization has a fantastic reputation and produces exemplary results built on integrity, character and an exceptional commitment to obtaining the best results possible for each client. Don’t trust your greatest asset with just any company; trust the experts at InCreditable Advisors. We are the leading experts in Credit Repair, Debt Settlement, and Business Credit! Visit us at www.creditexperts.io today to Schedule a “30 minute Credit Strategy Session”. Or give us a call at 317.202.1297.
“Whether we realize it or not, if we fail to plan, we are planning to fail.”