What are the pros and cons of signing up for a credit monitoring program?
K.C. asked:
I was considering signing up for a credit monitoring program thru Transunion ~ are there any downfalls to this? The reason I was considering is because I am rebuilding my credit and want to monitor my progress (I want to recieve my credit report and score more than the free once a year)
Any experiences with credit report monitoring
Yup, it’s nice to have for the curious minded but try and avoid paying for it. For example, my bank sends me alerts for free but you can also get credit monitoring for free as well through other sites like privacyplus.
It’s a waste of money. Unless your personal information has been compromised, there is absolutely no reason to pay for monitoring.
If you space out the free report from each credit bureau (one every 4 months), that’s all the monitoring you will need. Credit scores don’t improve that rapidly. Typically you have to wait about 60 days for paid off items to be reflected on your credit report.
Best way to improve your score, pay off credit card balances. Carrying balances of more than 30% of your available limit hurts your score. Paying all credit cards in full every month, saves on interest and will keep you out of debt.
If you have negatives, start with the newest and work back to the oldest. You can ask for delete for payment (which will help your score). Get any agreement in writing and don’t give them access to your bank account.
You need at least a 24 month consistent, on time payment history before your score will improve. Remember creditors look at your whole credit report, not just your score. Pay all your bills on time and the score will take care of itself.
The only con is it cost money other wise its a good idea. I have mine with chase identity protection.