If you’re like most consumers, you take your credit very seriously. Not only does this impact what kind of loans you can receive, but it can also impact where you live and even what jobs you can get. As such, ensuring that your credit report is accurate is critical. You may have seen advertisements for credit monitoring services in the past and wondered if these are worth investing in. The following blog explores what you should know about these services and the importance of discussing your options with an Arroyo Grande consumer lawyer for further assistance.
What Is Credit Monitoring?
Credit monitoring is a tool or service that, as the name suggests, monitors your credit for you to alert you to any changes or suspicious activity on your accounts. While many use this for rebuilding purposes, such as tracking changes in their credit score for financial growth purposes, many use this as a way to help protect themselves from fraud or identity theft.
Many of these services are free and check your credit, inquiries, debts, and public reports. However, there are paid tools that offer enhanced checks, including dark web reports, as well as tools like VPNs to help you securely browse the web. You’ll also find that many of these services offer identity theft insurance to help you recoup the cost of any damages incurred.
You should note that many of the credit reporting bureaus offer their own monitoring services. However, as part of the terms and conditions of using these services, you are typically barred from litigation in court for any errors on your credit report caused by the reporting agency. Instead, arbitration will be used to settle any disputes. As such, you should carefully consider this before utilizing these services.
What Should I Do if I Find Adverse Information?
In the event you are alerted to adverse information on your credit account, there are several steps you can take to protect yourself in these matters. By receiving alerts as information is uncovered, you have a higher chance of mitigating potential damages because you can act quickly. As such, the most important thing you should do if you suspect you are the victim of identity theft is to immediately place a fraud alert on your accounts. This requires any potential creditors to confirm your identity before opening accounts in your name, thus helping to ensure the fraud does not continue.
Next, you should file a dispute with the reporting agencies to have this fraudulent information removed. Under the Fair Credit Reporting Act, you have the right to dispute incorrect information on your account. However, filing this dispute can be complicated, as you’ll want to ensure you complete this thoroughly. As such, connecting with an experienced lawyer is in your best interest.
At Loker Law, we understand how difficult it can be to discover that you are likely the victim of identity theft. That is why our team will do everything possible to help you fight to have unauthorized information and transactions removed from your account. If you need help, do not hesitate to contact us today to learn more.
