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December 27, 2007
Credit Monitoring Services
 
A credit monitoring service allows you to access your credit report at one or all 3major credit bureaus. The typical service will also allow you to see your creditscore initially and then at specified time periods. You can setup alerts to notifyyou of major changes to your credit file. This is could mean the possibility of Identity Theft. Many credit monitoring services even offer Identity Theftinsurance just for signing up that helps to reimburse you monetarily for damagesin case you're a victim.If you are in the process of repairing your credit you are going to need a copy of your credit report from each major credit bureau. When creditors reportinformation to the credit bureaus about you they may or may not report to all 3credit bureaus. This means that each credit bureau will have different credithistory information about you. It is possible to have information in your creditreport that doesn't even belong to you. This can happen quite often to people thathave common name spellings, like John Smith or Mary Jones. Even if you have aunique name, you need to scrutinize each detail on your credit reports from eachcredit bureau. You will be surprised how many mistakes you can find.You can order your credit report from each credit bureau, but an easier solution isto order a 3 bureau credit report from just one service. The format of each reportwill be identical making it easier to spot the differences between each creditreport.As you begin the credit repair process, you will want to monitor your FICO scoreas it pertains to each credit bureau. The FICO score is the score most commonlyused by lenders in approving credit applications. Each of the 3 major creditbureaus has its own FICO score based on the way it maintains credit informationabout consumers. For this reason you will want to know what your FICO score isat all 3 credit bureaus. As an example, if you apply for credit from ABC CreditCard knowing your FICO score at Experian is 725, but they check your FICOscore at Trans Union which is 680, you may not get a favorable interest rate. Theonly service that provides FICO scores and credit reports from all 3 major creditbureaus is MyFICO, the consumer division of the company that created the FICO score. By monitoring your FICO score you will be able to determine if yourefforts of credit repair are making any kind of impact.When you have achieved good credit it is also a good idea to monitor your FICOscores and credit reports. You don't want all that effort of establishing good creditto be wasted. And it's much easier to keep good credit than to have to repair it allover again.
Page 1Clever Credit Repair Article - Credit Monitoring ServicesPage 1© Clever Credit Repair - www.clevercreditrepair.com
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