Do you need credit report monitoring? Sometimes the question may be can I live without it? A personal story… I was going about my daily business, was out of college for about a year and decided that it might be a good time to buy a place rather than rent. I knew that according to my income I could afford a nice little condo which would be perfect for me.
Well, my credit was pulled and I had a couple of items on it which weren’t mine. One was a medical bill that originated from a place that I’d never been to. Another was a loan that I used to have which was sold to another company. Unfortunately both the old loan and the loan showed up on my credit report. Now if I had credit report monitoring, I would have had previous access to my credit report and would not be scrambling to try and have these items removed before buying this condo I had my eye on.
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Another instance: I was notified by a previous employer that their human resources database was tapped into which meant that social security numbers were in the hands of a thief. Both current and previous employees were effected. The company was upfront about what had happened and offered one year of free credit report monitoring. Wouldn’t you know it, someone opened up a credit card under my name and social security number and was using it while affecting my credit.
So how do you stop these things from happening? Truth be known, without credit report monitoring, I don’t know of a way that you can. However, I signed up with a credit report monitoring service and this is what happened. I was notified that someone was trying to purchase a car by using my social security number. Yes, the credit report monitoring service contacted me because there was an alert attached to my social security number. Whenever someone attempted to open or change an account that had anything to do with my SS#, I was notified. In this case, the folks actually ended up being arrested. Woohoo. Score one for credit report monitoring!
