Why Having a Credit Monitoring Service Is Important
Every time I do a churn, usually every 90 days, I'll run a copy of my credit report and credit scores. Remember, you can get your free TransUnion score from CreditKarma and your free Experian score from Credit Sesame. Don't forget that you are also entitled to a free credit report each year from the 3 major credit reporting bureaus, thanks to Uncle Sam. I've actually been lucky enough to never find any mistakes on my reports...that is until my recent April churn.
A new government study concluded that 40 million Americans have mistakes on their reports, and about half of those mistakes are serious. A 60 Minutes investigation found that it is almost impossible in some cases to get those mistakes cleared up. Experian, Transunion, and Equifax are the three companies that dominate the credit reporting market, tracking the financial prowess of US consumers.
Step 1 - Selecting which type of credit report you have. PROBLEM 1 - the annual credit report doesn't have a report number. After doing some Google research it seems that some Experian free annual reports print with the number while others don't. Mine didn't have the number, so I selected that option. You also must have a report that is no older than 90 days if you want to open a dispute, otherwise you'll need to purchase a new one (more on that below). Step 2 - I was then asked to select which of the reports my report looked like.
But an eight-year study by the Federal Trade Commission, released February 11 2013, put the industry under the microscope. FTC chairman Jon Leibowitz called the findings troubling, with 20% of Americans having errors on their credit reports. About one in 10 has an error that would negatively affect the consumer's score. "It's a pretty high error rate," Leibowitz observed.
You will be afforded the opportunity here to review detailed and precise credit reports, as the credit monitoring service you sign up with will pull your information through the three major credit bureaus; TransUnion, Equifax and Experian. * You will have detailed access to every account on your credit report history in terms of the when and how they were initially established. Any time there is a noteworthy incident on your credit report that can significantly influence the particulars; a credit monitoring service will bring you up to speed and confirm that you are keenly aware of them.
Note, there are some pretty horrible stories about getting an agent on the phone who can actually assist if you're rejected online...unless you are a "current customer", not one who has accessed your report via annualcreditreport or via a 3rd party website. It's probably worth the $1 trial, to avoid this just remember to cancel before the 7 days are up, it doesn't impact the investigation.
By taking advantage of a qualified and experienced credit monitoring agency, you can be sure your financial assets and monies are in good hands. You'll also benefit from the advantages mentioned above. The more in tune the consumer is with identity theft and the calculated criminals that take part in it, the better they will be able to sequester both them and their families from the devastation that goes along with it. Bringing on a credit repair agency to protect the very financial foundation of the consumer and their family would be a decision that only a well-informed and wise individual would initiate.
Every time I do a churn, usually every 90 days, I'll run a copy of my credit report and credit scores. Remember, you can get your free TransUnion score from CreditKarma and your free Experian score from Credit Sesame. Don't forget that you are also entitled to a free credit report each year from the 3 major credit reporting bureaus, thanks to Uncle Sam. I've actually been lucky enough to never find any mistakes on my reports...that is until my recent April churn.
A new government study concluded that 40 million Americans have mistakes on their reports, and about half of those mistakes are serious. A 60 Minutes investigation found that it is almost impossible in some cases to get those mistakes cleared up. Experian, Transunion, and Equifax are the three companies that dominate the credit reporting market, tracking the financial prowess of US consumers.
Step 1 - Selecting which type of credit report you have. PROBLEM 1 - the annual credit report doesn't have a report number. After doing some Google research it seems that some Experian free annual reports print with the number while others don't. Mine didn't have the number, so I selected that option. You also must have a report that is no older than 90 days if you want to open a dispute, otherwise you'll need to purchase a new one (more on that below). Step 2 - I was then asked to select which of the reports my report looked like.
But an eight-year study by the Federal Trade Commission, released February 11 2013, put the industry under the microscope. FTC chairman Jon Leibowitz called the findings troubling, with 20% of Americans having errors on their credit reports. About one in 10 has an error that would negatively affect the consumer's score. "It's a pretty high error rate," Leibowitz observed.
You will be afforded the opportunity here to review detailed and precise credit reports, as the credit monitoring service you sign up with will pull your information through the three major credit bureaus; TransUnion, Equifax and Experian. * You will have detailed access to every account on your credit report history in terms of the when and how they were initially established. Any time there is a noteworthy incident on your credit report that can significantly influence the particulars; a credit monitoring service will bring you up to speed and confirm that you are keenly aware of them.
Note, there are some pretty horrible stories about getting an agent on the phone who can actually assist if you're rejected online...unless you are a "current customer", not one who has accessed your report via annualcreditreport or via a 3rd party website. It's probably worth the $1 trial, to avoid this just remember to cancel before the 7 days are up, it doesn't impact the investigation.
By taking advantage of a qualified and experienced credit monitoring agency, you can be sure your financial assets and monies are in good hands. You'll also benefit from the advantages mentioned above. The more in tune the consumer is with identity theft and the calculated criminals that take part in it, the better they will be able to sequester both them and their families from the devastation that goes along with it. Bringing on a credit repair agency to protect the very financial foundation of the consumer and their family would be a decision that only a well-informed and wise individual would initiate.
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