Is Credit Monitoring A Bust?

Online, February 17, 2012 (Newswire.com) - There are thousands of identity thieves out there who are coming up with new ways every day to steal personal and financial information, protecting your own information and credit can be a full-time job. But who has that kind of time?

This is where a credit monitoring service can be a huge help. For a fee of around $10 to $15 per month, these services can provide consumers with access to their credit report and credit score, and will e-mail their customers to notify them if there is any unauthorized activity using their personal information.

But credit monitoring has its critics. Some say the service isn't worth the money. Some say it's way over-priced. Some say you can do it effectively on your own, and not pay anyone else. There are two main reasons critics say credit monitoring services aren't worth it for consumers.

1. Credit monitoring provides poor fraud protection. Some critics say that credit monitoring can be likened to an alarm going off after a thief has already broken into your home. But the fact is that no one can prevent identity theft - no one. The key to protecting your information is to find out as soon as possible, so that you can take action to diminish the effects of the theft.

2. Why pay someone to do what you can do on your own for free? The fact is, monitoring your credit is something that should be done every hour of every day - and as was previously stated, no one has the time or energy for that kind of effort. Sure, you can check your credit report occasionally, but by the time you discover a fraudulent account or some other activity, severe damage may have already been done. With a credit monitoring service, you'll find out much sooner - which means you can stop it much sooner.

The fact of the matter is this: credit monitoring offers a big bang for the buck, depending on which company you sign up with. So how do you pick the one that's right for you?

First of all, you should choose a company that tracks all three credit reporting bureaus - Experian, Equifax and TransUnion. You should also make sure you will get e-mail alerts within 24 hours if something should happen.

Next, find one that is affordable. You shouldn't have to pay more than around $150 per year. Good customer service is also a must - you want to be sure someone will be there should a problem arise.

Picking a good credit monitoring service isn't brain surgery - it's about knowing what you need and making sure you get it - and all for a low monthly rate.