Pros and Cons of Credit Monitoring

By Avery Mills | Jan 16, 2020 8:07:00 AM

Pros and Cons of Credit Monitoring

With recent high profile security breaches, you may have heard about the option of credit monitoring. However, many people don't know what it is or how it works. Here is a quick pros and cons list when it comes to credit monitoring.

What is Credit Monitoring?

Credit Monitoring is a service that notifies a person when activity takes place on their credit. This could include a new credit card or loan application, a credit card being opened, new public records in your name, or your address has changed.

Pros of Credit Monitoring:

  • Receive alerts when activity takes place on your credit.
  • Help prevent data from being leaked in a breach.
  • Adds an extra layer of protection between your info and hackers.
  • Can help if you know you're at risk of fraud

Cons of Credit Monitoring:

  • Depending on the level of protection you want, it may end up costing a bit.
  • You are still at risk of receiving phishing emails.
  • Errors on your credit report won’t be automatically corrected.
  • Unless you freeze your credit, accounts can still be opened.

Topics: credit report, credit, equifax

Author: Avery Mills