With fraud on the rise, many individuals are turning to credit monitoring as a frontline defense against identity theft. Credit monitoring services offer the invaluable benefit of notifying you of any changes made to your credit reports, empowering you to take swift action against potential misuse of your personal information. Whether you've fallen victim to fraud in the past or simply want to stay proactive in safeguarding your financial well-being, credit monitoring can provide valuable peace of mind.
How Credit Monitoring Works
Credit monitoring services function precisely as their name implies—they monitor your credit. By tracking the credit history detailed in your credit report, these services alert you to any changes. While you could undertake this monitoring process independently, credit monitoring services offer an automated and expedited means of tracking alterations to your comprehensive credit file.
The specific activities monitored by credit monitoring services can vary among providers, but they typically include:
- Hard inquiries on your credit report, such as credit applications made in your name
- New accounts opened using your personal information
- Balances and payments associated with your credit products
- Updates to personal information, such as address or name changes
- Public records, including bankruptcies
- Exposure of personal information on the dark web, such as social security numbers and email addresses
Limitations of Credit Monitoring
Although credit monitoring serves as an effective tool for identifying suspicious activity, it does not provide a comprehensive solution for preventing identity theft or unauthorized transactions. While subscribers receive alerts and resources to aid in identifying and guarding against potential theft, these services cannot guarantee fraud prevention. Instead, they promptly notify you of any detected anomalies, enabling you to take immediate action.
Here are several tasks that credit monitoring services do not perform:
- Prevent someone from applying for credit or opening new accounts in your name
- Shield your information from data breaches
- Halt credit card skimming incidents
- Notify you of unauthorized bank account withdrawals
- Alert you to fraudulent tax return filings or refund collection
- Intercept phishing emails
- Report instances of fraud
- Rectify errors on your credit report
- Implement a credit freeze
Credit Score by SavvyMoney
Looking for a free resource to monitor your credit? That's where Credit Score by SavvyMoney comes in—a powerful tool offered by Cabrillo Credit Union. Credit Score by SavvyMoney offers a comprehensive view of your credit profile without impacting your credit score. With Credit Score by SavvyMoney®, you can approach your credit journey with confidence. This service provides real-time security updates whenever there's a change to your credit file, ensuring that you never miss a beat when it comes to monitoring your credit health. Whether it's a new account opening, a credit inquiry, or changes to your payment history, Credit Score by SavvyMoney keeps you informed and empowered to take proactive steps to protect your financial well-being.
Monitoring your credit score is a crucial tool in the fight against fraud. By staying vigilant and regularly tracking your credit, you can quickly identify any suspicious activity and take proactive measures to protect yourself. Your credit score reflects your financial well-being, and by monitoring it closely, you can gain valuable insights into your creditworthiness and make informed decisions about credit and loans. Don't wait until it's too late—start monitoring your credit today to stay ahead of potential threats and maintain your financial security.
Sign up for Credit Score by SavvyMoney today within your Cabrillo Credit Union app or visit https://www.cabrillocu.com/Savvy-Money for more information.