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Credit Monitoring

What is credit monitoring?

Credit monitoring refers to monitoring of credit transactions by certain official agencies that have a right to do credit monitoring. However the credit monitoring services can be expensive. The credit monitoring services in the UK may cost you anywhere between 25 and 75 annually. The credit monitoring agency will provide you vital information on your credit card account including any unusual payments or any suspicious activities that can happen through your credit card account. Since credit monitoring is expensive, it is advisable that you monitor your own credit from time to time instead of relying on a credit monitoring agency.

Monitoring your credit

You can monitor your own credit from time to time and make sure that all your records are accurate and up-to-date. You can also check for any transactions that you have not done through your credit card. In case you find any suspicious transactions that you have not done, then you should immediately call the credit card company and check with them. You can also request a credit report from any of the credit reporting agencies in the UK. The credit reporting agencies may charge a nominal amount for your credit report or may also send it free to you. In case you prefer that you want to monitor your credit throughout the year from credit monitoring firms, then it is better that you get your first report from one company, then after a few months get your second report from a second company and then the third report after a few months from yet another company.

Credit monitoring from more companies

If you find any errors, no matter how small they are then be sure that you get them fixed and call the credit monitoring agency and forward your complaint to them. You will then receive the amended reports within a few days of your request for the change. Also be sure that you have all unused accounts closed in case they are still active. This is because the thieves are on a look out for these unused accounts and will grab any opportunity that comes their way. So close any unused accounts immediately.

Hence we see that credit report monitoring should play a very important role for you to identify any theft immediately and prevent further thefts from taking place. Monitoring your credit report won’t prevent your identity from getting stolen but at least you will be able to know transactions that have taken place without your permission taking place in your credit card account. If you are very serious about protecting yourself from any identity theft then you better take credit monitoring seriously. In case you are not comfortable doing it on your own then you can hire the services of a credit monitoring firm.



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