Your Credit Card May Be at Risk! Use Credit Monitoring Services Now

If your credit card data is not protected, hackers and credit card scammers may trick you easily. They try to access vital data like name, account details, SSN, etc, to launch illegal transactions. Until now, 60% of credit card holders have faced scams in the US. Not only that.

The value of unauthorized purchases in the US is now more than $5 billion. Therefore, most US citizens need more fiscal protection.

It’s not only credit cards. In 2023 alone, 21080 scams were operated through SSNs only, resulting in a loss of $126 million. Credit History of average US citizens says so. So, there are ample ways of being scammed. However, credit card scams take the lead. 

External credit protection means are paramount now. Let’s focus on credit monitoring services for now. 

Above all, credit monitoring ensures that your confidential information remains hidden from scammers. So, let’s explore the significance of credit monitoring services in detail. 

What are Credit Monitoring Services?

Credit monitoring services save us from financial fraud. Now, let’s know about them in detail. 

Credit monitoring is a tool to get real-time updates of all credit inquiries through your credit card. Therefore, imposters can only transact with your card with your knowledge. 

The tool also keeps your credit score in check. As a result, you will take advantage of every opportunity to apply for a loan. 

Credit monitoring sources track all financial data. Hence, they can send auto alerts of fraudulent or suspicious behavior to lending companies. 

Other credit monitoring services include checking credit card handling patterns. It scans how you are Managing Existing Credit. For instance, if your average spending caps are below $1000, it will mark that. Hence, any significantly high transaction (for instance, those above $5000) may be tagged suspicious. 

Imagine your card is lost. And someone else tries using it. Then, your credit monitoring app will follow the recorded usage patterns. And send alert signals to warn you of suspicious actions. 

You can download credit monitoring apps, too. I found a list of the current top credit monitoring apps in the US on Fortunly.com.

As per the list, we can conclude that IdentifyForce and Identity Guard are the two best online apps for the same purpose.  

Specific roles of credit monitoring services

There are three main reasons for using credit monitoring services:

• Receiving alerts when your credit score changes and your credit mix is disrupted
• Receiving alerts of strange entries in the credit reports 
• Keeping yourself in the loop so that you can track fraud actions on your cc ASAP

Premonitions like- credit monitoring services will make your card or SSN entirely immune are false. 

They won’t stop hackers from infiltrating your financial assets. Credit monitoring services have no control over scammers wearing your garb online and making transactions. 

But that doesn’t mean using credit monitoring services is a wasted effort. 

Credit monitoring services are the best ways to monitor your CC activities. If your card is compromised, you will know that instantly. Credit monitoring services send live notifications with such info. 

Block your card when you get an alert

When you get real-time updates about malicious activities involving your card, you may block it in no time. That will prevent scammers from opening accounts under your name and personal details. 

So, credit monitoring services’ central role is to alert users about fraudulent transactions or such attempts. It also helps to prevent damage to your credit score. 

Why Do You Need Credit Monitoring Services?

You need credit monitoring services for self-evident reasons. Firstly, the safety of your creditworthiness. Anyone in the US can fall prey to identity theft. And there are many ways to do so. Scammers can clone your personal banking details to apply for a credit card against your name. They may use your SSN to apply for loans or credits.

Other frauds, like triggering transactions with leaked credit card data, are also present. But, credit monitoring services are a one-stop solution for these anomalies. 

With credit monitoring services, tracking real-time credit reports is easier than ever. Hence, you can report all kinds of unauthorized activities before any harm has been done. 

Why Are We at a Critical Risk Now?

 The main reason we are vulnerable now is a stark increase in digital finance. We are used to paying bills, shopping, and socializing online. It is a very abrupt change. 

The scenario was different, going back 10 or 15 years behind the timeline.

About 78% of the people in the US use digital means for consumer bill payments. 

Consequently, identity frauds have increased in number. In 2023, such frauds amassed losses worth $23 billion. 

According to the FBI, children and the elderly are the soft targets of such crimes. 

As complementary measures of protection, Credit Monitoring Services can be effective. 

The incumbent benefits of Credit Monitoring Services

Let’s find out how Credit Monitoring Services ensures our financial security.

Prevention of Identity Theft

Identifying theft is the most prominent crime in the financial domain of the US. Hence, it needs resisting, foremostly. 

Identity fraud leads to stealing a considerable amount from our credit cards. Often, our cards are used for malicious activities, too. Foremostly, such records will drag your credit score below par. Then, there won’t be another option other than Build Credit From Scratch Read the  article: Build Credit From Scratch : Learn in Details for more clarity.

Credit Monitoring Services helps you fix your credit score and avoid identity fraud. However, some Credit Monitoring Services offer paid services. Their services include more detailed reports on credit activities. Hence, you can detect traces of any anomaly in your credit activities easily. 

For instance, if there are a few rare activities through your card, those will be marked. You will also have a detailed analysis of all those sources.  

Checking your financial behavior in real-time 

Financial management is the key to good creditworthiness. Ideally, we should plan our finances ahead of significant life events. But, a recent study by MarketWatch shows that the actual scenario could be better. 

Around 48.6% of Americans feel they are out of money. Another significant 66.2% think they live- “paycheck to paycheck.” Above all, our credit utilization ratio is also poor. To know more, read about Credit Utilization Ratio: What is it? and Its Impostance?

But Credit Monitoring Services saves you from unscrupulous expenses by keeping your credit score ticking on your mind. It helps especially those who are Rebuilding Credit. 

For more tips on rebuilding credit, read the article-Rebuilding Credit: Learn The Best Techniques.

Conversely, your credit score improves if you make intelligent credit card expenditures. 

Most Credit Monitoring Services provide detailed reports. Hence, you can identify areas where you are overspending. 

Once you see a detailed credit report, you will learn marking your spending patterns. For further clarity, read about Credit Reports: What Are They And Where Can You See Yours? 

How do Credit Monitoring Services work?

Checking identity theft is the prime role of Credit Monitoring Services. However, they also help you track your credit score and credit health. 

There are hordes of criminal activities that Credit Monitoring Services may prevent. Some of these are:

• Illegal purchases through cloned credit cards 
• Illegal retail purchases with stolen cards 
• Filing fake Medical insurance claims 
• Various kinds of crimes with personal SSN

In most cases, the card owner will learn about the crime after it’s done. So, they can’t take steps to prevent such crimes. At the same time, such attacks can destroy anyone’s credit score overnight. 

However, Credit Monitoring Services can prevent such gruesome outcomes. 

The most effective Credit Monitoring Services inform abnormal credit card activities in real-time. For example, opening a new account or any exceptional purchase will be relayed immediately to the card owner. 

Best Credit Monitoring Services

Here is a detailed record of some of the best Credit Monitoring Services of recent times. 

Privacy Guard

Privacy Guard is a popular app for Credit Monitoring Services. It offers credit protection facilities alongside identity protection. However, Privacy Guard has a combined package of both services too. 

Privacy Guard lets you get real-time credit reports from any of the three credit bureaus. It also sends separate privacy notifications of any suspicious activities. So you get all-around protection from the Privacy Guard. 

Identity Force 

Identity Force is the best source of Identity theft protection for 2023. It’s UltraSecure+Credit is the most popular in the US. However, users say that its plans are relatively costlier.

TransUnion owns this app. However, it shares real-time updates with and from Equifax and Experian. 

With Identity Force, your SSN is also being checked. So, it can immediately track any irregular or unnatural recipient on your spending list. 

There’s more. 

Identity Force also tracks the dark web for traces of your financial data. It also tracks medical records, social reports, and social media for suspicious activity. 

myFICO

This is another app for credit monitoring services. This app is the first to be used by 90% of the people in the US. Its offerings are almost similar. However, myFICO is ahead in terms of popularity. 

MyFICO is a free credit monitoring app, where you can easily track and record your credit card spending trends.  

The Bottom Line

 The credit monitoring services check your credit profile meticulously. Hence, there is a chance that repetitive fraud can be easily prevented. However, credit safety depends on your actions, too. 

You are at the most significant risk of identity theft. However, Credit Monitoring Services shields you there, as well. 

If you make drastic credit inquiries, your soft data is spread across innumerable servers. That includes the dark web servers, too. Therefore, the potential of credit monitoring services is limited. However, a careful approach, alongside a subscription to Credit Monitoring Services, can make your credit safer.

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