As a consumer, doing what you can to protect your credit score is critical for your financial future. As such, you may wonder whether credit monitoring services are worth the investment. The following blog explores what you should know about these services and how to dispute any inaccurate information on your report with the help of a San Diego consumer lawyer to assist you through these difficult matters.
What Is Credit Monitoring?
Credit monitoring is a tool that allows you to, as the name suggests, monitor your credit so you can be alerted to any changes in your history or alert you to certain unauthorized activities on your accounts. This lets you quickly and efficiently step in to prevent identity theft.
Typically, when you invest in credit monitoring, the service will regularly check your credit accounts, inquiries, debts, and public records to ensure that the information is accurate and no signs of identity theft have occurred.
Many institutions, like banks, credit card lenders, and even the credit reporting agencies, offer free credit monitoring services. However, some are also paid and offer premium features. Typically, this includes monitoring all three bureaus and providing users with technology like VPNs or password managers to help them securely browse the web to prevent their information from being compromised.
You should note, however, that if you utilize a credit monitoring service from a reporting agency like Experian or TransUnion, as part of your use of the service, you agree to relinquish the right to sue them in court for any errors or inaccuracies on your report. Instead, you are limited to arbitration.
What Can I Do if I’m Alerted to Adverse Information?
In the event you utilize one of these services and you are alerted to unauthorized activity on your credit report or adverse information that impacts your credit, it’s critical to take the necessary steps. As such, you should review the information to determine its cause. If you discover that an error has occurred, for example, and a debt was listed by a creditor tiwce, you can take steps to have the fraudulent information removed from your report. Typically, this involves filing a dispute letter with the reporting agency.
Similarly, if you are alerted to a new line of credit that you did not apply for, it can indicate that you are a victim of identity theft. As such, you should take steps to help secure your identity by placing a fraud alert on your reports and filing a report with the Federal Trade Commission (FTC). Next, you should contact the creditor to explain your circumstances, as they may be able to remove the account from your report. If not, you can file a dispute with the reporting agency.
Credit monitoring can be a beneficial tool to help you stay alert to changes in your history. However, when you are alerted to these potential issues, understanding how to proceed is critical. Unfortunately, fighting identity theft can be incredibly difficult, which is why it’s critical to connect with an experienced consumer defense attorney with Barthel Legal. We understand how overwhelming this can be, which is why we are dedicated to assisting you. Contact us today to learn more.
