You may be wondering if you should enroll in an automatic credit monitor. Here are a few reasons why it is a good idea.
Protect your financial future.
Your credit score is used for many different things. Having a good one can help you get a favorable outcome when you apply for a mortgage for your dream home or other financing. It can help determine if you are approved, your credit terms, and a good credit score can save you thousands of dollars in interest.
Maybe you are just starting out and interested in financing for school. Credit score is usually not taken into account when you apply for federal student loans, but it can be important in determining the terms of any private loans. Use a credit monitor to keep a close eye on your credit information so you can get the financing needed for the education that can help secure your financial future.
Protect your family.
Child identity theft is when someone uses an identity belonging to a minor. Identity thieves like to do this because kids have a clean credit history and the crime may not be discovered until they grow up. Use an automatic credit monitor to monitor your children’s personal information so that their financial growth is not stunted before it even begins.
Saves you from doing the work.
You do have the option of getting a free credit report from each of the three credit bureaus each year. You can check these for accounts that you don’t recognize or other suspicious information. This can be problematic because a lot can happen between your free credit reports, and when you do have them they can be difficult to decipher. An automatic credit monitor can monitor your credit year-round and employs experts who know what to look for.