Signing up for a credit monitoring service might sound like a responsible choice. It’s vital to keep track of your credit report. However, here’s what these companies don’t want you to know: if you find an error, their fine print often tricks consumers into giving up their legal right to take legal. It is of little benefit to find only to be prevented from doing anything to fix it. Plus, these paid services are a waste of money because you can monitor yourself for FREE without strings attached.
What Credit Monitoring Services CAN NOT do:
Besides possibly stripping away your legal rights with their hidden terms and charging you money for a service you can easily do yourself without cost, here are a few more things these services just can’t do for you:
- Prevent identity theft or fraud
- Prevent phishing scams
- Prevent scammers from applying for credit in your name
- Correct errors on your credit report
The simple fact is these services simply monitor what is already there, which you can and should monitor yourself. After all, only you know if harmful information, like missed loan payments, new lines of credit, or criminal charges, belongs to you. And if they do not, time is of the essence to fix them.
The simple truth is there is no replacement for regular reviews. Luckily, checking your credit report is fast, easy, and free! Just visit annualcreditreport.com to receive free online credit reports from the three major nationwide credit reporting companies – Equifax, Experian, and TransUnion, sometimes called the Big 3. Federal law requires they each provide a free report each year, and in 2023, the Big 3 agreed to give consumers weekly reports. While we don’t think you need to check your report that often in most cases, regular monitoring is key.
The Big 3 have long histories of misreporting complaints, with an estimated 1 in 4 credit reports having errors. Whether through negligence or intentional fraud, an error on your report could lead to being denied loans, being rejected for a new home, or even losing a job! According to the FTC, consumers reported more than $10 billion in losses to fraud in 2023, according to the FTC. Protect yourself and check your report often!
NOT SURE WHAT TO LOOK FOR?
We get it. These lengthy reports can seem overwhelming. But it will be much less intimidating once you understand how they are laid out and what to look for. And our team at Wells Law – Chicago is happy to help. Mention this blog, and you can receive a free virtual or telephone consult with a member of our team who will walk you through your consumer report, explain how to read it, and help you understand if you’re amongst the one in four Americans with errors that could hurt your credit standing. Contact us today if you’d like to take advantage of this offer.
RED FLAGS TO LOOK FOR
There are many signs of inaccurate credit reporting and identity theft to keep an eye out for. Check to see if your credit report has any of the following:
- Accounts that aren’t yours
- Unfamiliar names, addresses, or work history
- Accounts showing delinquency that should be in good standing
- Outdated information (most information remains for 7 years, with bankruptcies remaining for 10 years)
- Criminal records or histories that do not belong to you
- Inquiries to companies you have not done business with
DISCOVER AN ERROR?
If you discover inaccurate or outdated information, don’t wait to dispute it! Not sure where to start? Check out our site for more information, or contact our office for guidance. Consumer reporting agencies must report accurately; if they don’t, you may be entitled to correction and compensation.
Seeking justice from these massive CRAs may seem daunting, but Wells Law is here to help! Fill out an intake form today for a free case review and start taking steps to defend your rights – and your wallet!