Credit monitoring is advantageous for any individual who wants a better grasp on their score alongside superior identity theft protection. TransUnion is one of the three credit reporting bureaus. They offer free credit checks each year to people who request a report, but they also offer around-the-clock monitoring for those who want a better knowledge of what’s going on within these credit score recordings.
What is Credit Monitoring?
When you monitor your credit, you’re able to check your numbers and report on a more routine basis. The monitored account will be tracked by a computerized system for risky and unfamiliar behavior to alert a person of fraud and identity theft. Without credit monitoring, you may not realize that someone is opening a credit card in your name until it’s too late. Most people check their credit score once a year, but this just isn’t enough in a world where stolen identities are so common.
What Makes TransUnion Different?
Along with their free credit check availability, TransUnion offers a monthly service to individuals interested in credit monitoring. Because they are one of the only three legal bureaus that collect credit data, you can trust their company to provide superior and reputable maintenance. Their low monthly fee makes it affordable to keep an eye on your credit and receive alerts if something doesn’t seem right to their computer system. An example of this would be if multiple credit cards are opened within a short time period using your social security number. TransUnion monitoring services will detect this as possible fraud and send you immediate text messages and emails to verify that it was or wasn’t you who opened those accounts.
TransUnion has a million dollar insurance policy on all accounts opened through their website. If you should experience identity theft or loss as a result of a failure in their system, you will be compensated for anything you experienced. This is an added safeguard for you if you are afraid of fraud going unnoticed.
Full Access to Your Credit Report 24/7
Unlike sites like Credit Karma or Credit Sesame that only provide credit checking, TransUnion offers 24/7 credit monitoring and full access to your report. If you want to check your report after paying bills each month, you’re able to do this without it affecting your score. You’ll have easy access to dispute claims if there is an error on your report that has slipped under radar.
Receive Important Alerts with TransUnion
Once you have signed up for an account, you can choose to receive alerts for when their system has detected possible identity theft or fraud. Many choose to receive these alerts via text message so they can resolve the issue even if they aren’t near their home computer. The alerts give you the option to verify or deny a claim, which means that you can approve the newly opened account under your name or deny it and report it as an identity theft attempt. You may be subject to data and text message charges if you sign up for this feature, but TransUnion will not charge more for this than what you’re paying for credit monitoring.
Why is Identity Theft Protection Important?
Over nine million people are the victims of identity theft each year, making it the fastest growing crime in America. These are some pretty scary statistics when you think of what identity theft can do to your financial well-being and credit score. It’s not uncommon for people to have trouble buying homes, taking out loans or applying for a simple credit card after going through an identity theft stint. It could take years to recover from identity theft, making the dilemma even more devastating.
The problem with identity theft is that it can go unnoticed for quite awhile. If you only check your credit score once a year, you won’t know there’s something wrong until that time of year rolls around. If someone had been using your name and opening lines of credit while you waited 12 months to request a report, you’ll be too late to catch this in its early stages. Plus, credit monitoring through a service like TransUnion prevents identity theft from happening in the first place. TransUnion makes it easy to set up an account using your social security number and other personal information, giving you full access to fraud prevention credit monitoring.