Are Credit Monitoring Services Effective at Fraud Prevention?

With many types of credit card scams and identity theft always a threat, a good way to keep an eye on your credit is with a credit monitoring service.  It takes approximately twelve months for a victim of identity theft to notice that the crime has been committed. A good monitoring service will notify you with weekly or monthly reports. Some will also notify you immediately if they notice something out of the ordinary with your normal shopping habits or personal spending trends.

Most people who have had their identity stolen have lost an average of $5000. In most cases victims that have a credit monitoring service will catch the crime early with little or no loss of money from their savings.

Some of the credit monitoring services companies are connected with one of the major credit reporting bureaus. These services will only contact you if they notice any changes to your credit report. There are other service companies and large banks that offer a service that monitors all three of the major credit reporting services.

These services will not protect you from fraud or identify theft; all they do is keep you informed once a situation has started so you can clear up a problem before it gets out of hand. For full protection you should purchase an Identity theft fraud protection plan.

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