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.