• New account activity. Nowadays, many people are finding out that it is very usual to find that someone has opened up a new account in their name. The service will monitor any new accounts that are opened in your name and report it to you. This will assist you in your bankruptcy recovery as you will have exact knowledge of when someone makes a query in your name; which will stop credit score decreases as every query reduces your score.
• Address Modifications. You can make use of this service in order to ensure that no one has modified your address which occurs when identity thieves apply for credit so that they can get credit cards etc. sent to them.
• Collection Accounts. Regrettably, many victims realize that their identity has been stolen when they apply for credit and don’t obtain it. Your monitoring service will make you attentive to this.
• Changes to account information. The service will observe any variations to account and inform of them, such as if you refinance a mortgage.
• Credit limit increases. When someone steals your identification, they will make your credit limit rise in order to make the most of it. You will be alerted of this too.
• Modifications to public records. The service will monitor any modifications to public records that would comprise bankruptcies.
• Modifications to all existing accounts. It will be brought to your attention if your accounts turn delinquent.
• Account Closures. Any recently closed accounts will be flagged and reported to you.
Now that we have a good understanding of what the credit monitoring services actually follow, you will need to know what your monitoring service requirements are, which include:
• Source. The monitoring services will have to make use of a credit reporting agency in order to monitor your credit report. Nevertheless, depending on the service, you can obtain your information from just one or all three major reporting agencies. This is why you might want to buy a service or plan that monitors all three credit reporting agencies.
• Frequency. When you look for a monitoring service, you should consider how often they check. Daily or weekly is better. Services tend to change, providing you with daily, weekly or monthly monitoring. As you might expect, the more often they monitor your credit report, the better it will be for you.
• Credit updates. Some services will also provide periodic credit updates. This is very different from the alerts as the alerts only deal with the variations. A periodic credit update will add the information in your credit accounts that haven’t changed.
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