Credit monitoring services are existing for a couple of years. Ever since its introduction there has always been skeptics and those that fervently believe that credit monitoring services revolutionized the way people handle their credits. To have a better idea about the benefits and drawbacks of credit monitoring services read further through this article. Here’s a few example.
Credit monitoring can make your life more convenient. Rather than having to pull up all your records from all the three bureaus, all you need to do is wait for one credit report. This report is going to be presented in a very understandable way so that you won?t have to get a financial analyst degree just to be able to understand these figures.
You will also be notified if there is any activity in your account. You can immediately tell if there’s something strange about your account the moment that there are suspicious activities happening. The moment a credit discrepancy happens, you can easily deal with it. This will let you resolve the problem faster and logically.
One of the most well known cons of credit monitoring services is the fact that a lot of people get scammed because of them. A handful of people fell into the hands of scam credit monitoring companies whose only purpose is to embezzle your money.
Aside from security issues, the monthly or regular fee that some credit monitoring companies are charging for can be unethically high. It may not even be easy for people to get out of their credit monitoring contract whenever they want to. They could make the credit reports stop coming but the monthly rate will still be charged.
Although these problems might look severe, they actually have one solution. Look for a good monitoring company to avoid being swindled. Not all companies are the same especially when it comes to their intent. This is what people should always keep in mind about credit monitoring services.