Monday, June 15, 2015
Credit Score Monitoring And The Prevention Of Identity Theft
When most people think of their credit score they think of loan applications, mortgages, missed payments and how the higher the score, the more likely you are to be approved for further lending. Many people are completely unaware of how credit score monitoring can actually be used in a multitude of other ways, including helping to protect them against fraud and identity theft.
It is possible to carry out the credit monitoring activity yourself but if you want to be as thorough and in depth as any of the credit score monitoring services available to you it will take up a lot of valuable time. Putting your faith in these services may be new territory for you but be assured that there are a lot of positives from doing so.
While it is simply not possible to completely prevent identity theft, choosing a particular service such as one of the packages provided at http://www.identityguard.com/ puts in the time and effort to monitor your credit score so you don't have to.
Think of it as a similar service to the alarms you have fitted to your car to prevent it from being stolen. The best credit score monitoring service will have built-in alarms to flag up certain activities on your credit file such as applications for more lending or the opening up of new accounts.
It's important to be aware of the fact that not all changes will be flagged up when monitoring credit score but there are certain signs of theft that the system looks out for and will provide an early warning for if such kind of activity does occur.
The insurance perk that is sometimes provided will also allow you to claim back some of your financial losses and in some cases even get some cash towards a private investigation into the fraud.
Unfortunately, thieves are clever and cunning and are always coming up with new ways to commit identity theft, so there is no sure way to prevent the crime from happening. However, your finances are always a lot safer if you choose to make use of credit monitoring than if you just leave it to chance.