{"id":51002,"date":"2021-11-11T23:16:37","date_gmt":"2021-11-12T07:16:37","guid":{"rendered":"https:\/\/www.movoto.com\/blog\/?p=51002"},"modified":"2022-04-11T14:10:19","modified_gmt":"2022-04-11T21:10:19","slug":"credit-monitoring-help-good-credit","status":"publish","type":"post","link":"https:\/\/www.movoto.com\/blog\/credit-monitoring-help-good-credit\/","title":{"rendered":"How can credit monitoring help increase and maintain good credit?"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Good credit is essential to living a life where you can <a href=\"https:\/\/www.movoto.com\/blog\/can-credit-scores-impact-your-ability-to-get-approved-for-a-mortgage\/\">make larger purchases<\/a>. It dictates what you can get, how much it costs, and whether or not you&#8217;ll be approved for loans, <a href=\"https:\/\/www.movoto.com\/blog\/how-your-credit-score-impacts-mortgage-payments\/\">mortgages<\/a>, auto financing, or even employment. Credit monitoring can be a tool for people with good credit to maintain and improve their <a href=\"https:\/\/www.movoto.com\/blog\/factors-go-into-calculating-your-credit-score\/\">credit scores<\/a>. Monitoring your account can help you see where you need to change your spending patterns or habits. We all must take responsibility for our financial lives and watch our credit regularly so we know what is going on and how it could affect us.\u00a0<\/span><\/p>\n<h2><b>What is credit monitoring, and why do I need it?\u00a0<\/b><\/h2>\n<p><span style=\"font-weight: 400\">Credit monitoring is a service offered by most major credit companies; you pay to access the record of who has accessed your credit file and where it is used. With new inquiries into your credit history, whether for an auto loan, a student loan, or just out of curiosity, you can find out that someone had looked at your file.\u00a0<\/span><br \/>\n<span style=\"font-weight: 400\">The service also alerts you when there is a change in your credit report\u2014such as if someone else tries to apply for credit using your social security number. Credit monitoring services are essential to anyone who cares about their credit score, giving insight into new or existing credit score updates. Properly monitoring your credit can be very helpful when making large purchases or preparing to take out a <a href=\"https:\/\/www.movoto.com\/blog\/how-your-credit-score-impacts-mortgage-payments\/\">mortgage<\/a>.<\/span><\/p>\n<h2><b>How does credit monitoring work?<\/b><\/h2>\n<p><span style=\"font-weight: 400\">Credit monitoring works by offering information about specific items impacting your credit health as those items change over time. This score will affect how quickly you can <a href=\"https:\/\/www.movoto.com\/blog\/how-long-does-it-take-to-get-my-credit-ready-to-buy-a-home\/\">make large life purchases<\/a> and is worth monitoring.\u00a0<\/span><br \/>\n<span style=\"font-weight: 400\">The information provided in the report varies from company to company. It usually includes at least one of the following: recent applications for new lines of credit, new inquiries for existing credit accounts, and changes in the status of loans or other credit. Credit monitoring does not prevent credit card or identity theft. It merely alerts you to changes in your credit report to help spot signs of identity theft.<\/span><\/p>\n<h2><b>What is a Vantage vs. FICO Score?<\/b><\/h2>\n<p><a href=\"https:\/\/www.movoto.com\/blog\/what-is-a-credit-score-and-why-should-you-always-monitor-it\/blog-credit-monitoring3\/\" rel=\"attachment wp-att-51011\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-51011\" src=\"https:\/\/movoto.kinsta.cloud\/wp-content\/uploads\/2021\/11\/blog-credit-monitoring3.jpg\" alt=\"Credit Monitoring\" width=\"600\" height=\"300\" \/><\/a><br \/>\n<span style=\"font-weight: 400\">A credit score is a three-digit number representing the likelihood that you will pay all of your bills on time or default on any financial obligation. People who have an excellent credit score are unlikely to miss payments, making them very likely to receive <a href=\"https:\/\/www.movoto.com\/blog\/why-having-good-credit-can-help-you-find-the-best-mortgage-rates\/\">good interest rates on loans<\/a>. Two common examples of your credit score are a Vantage or FICO score, which calculate your credit score differently.\u00a0<\/span><br \/>\n<span style=\"font-weight: 400\">The main differences between these two scoring systems center on how each calculates your <a href=\"https:\/\/www.movoto.com\/blog\/factors-go-into-calculating-your-credit-score\/\">credit profile\u2019s individual elements<\/a>; FICO looks at five key factors, including how long you&#8217;ve had credit and how much you\u2019re using, while VantageScore utilizes multiple factors, including payment history and how much you owe to create a score that ranges between 300-850, like FICO.<\/span><\/p>\n<h2><b>Should I pay for credit monitoring?<\/b><\/h2>\n<p><span style=\"font-weight: 400\">People who want to protect their personal information and identify theft may be interested in paying for credit monitoring services to receive alerts when suspicious activity happens. If you go with a paid plan, you will likely have several options to choose from based on your needs and budget.<\/span><br \/>\n<span style=\"font-weight: 400\">Paid credit monitoring is not foolproof but will relieve stress knowing that your credit is being monitored. The cost of credit monitoring varies from a couple of dollars up to around $40 per month. Some companies also offer special discounts or free trials.<\/span><\/p>\n<h2><b>Are there free credit monitoring services I can use?<\/b><\/h2>\n<p><span style=\"font-weight: 400\">There are many free credit monitoring services available on the market, each with various features. For example, some offer basic credit reports, while others include advanced features like daily on-watch transaction monitoring and email alerts. A free credit monitoring service can help maintain and grow your credit.<\/span><br \/>\n<span style=\"font-weight: 400\">Credit monitoring helps you increase and maintain good credit. This is because it alerts you when changes to your account occur, giving you time to act and remedy negative marks before you need your credit for loan or mortgage approvals. You can maintain and grow your positive credit using proper credit monitoring.\u00a0<\/span><br \/>\n<span style=\"font-weight: 400\">Get an Experian credit report, and FICO score for <\/span><a href=\"https:\/\/www.importantscore.com\/r\/c1baffa5e83c481b3b574cafbba01ce6?subid=movoto_blog&amp;amp;subid2=blog_article\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\"><strong>free through ImportantScore<\/strong><\/span><\/a><span style=\"font-weight: 400\"> to see how your credit measures up. This tool can help you decide if you are ready for a major purchase like a home or make changes to get your score to where it needs to be.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good credit is essential to living a life where you can make larger purchases. It dictates what you can get, how much it costs, and whether or not you&#8217;ll be approved for loans, mortgages, auto financing, or even employment. Credit monitoring can be a tool for people with good credit to maintain and improve their credit scores. Monitoring your account can help you see where you need to change your spending patterns or habits. We all must take responsibility for our financial lives and watch our credit regularly so we know what is going on and how it could affect [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":51013,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[211],"tags":[170,215,172,111,179,85,86],"class_list":["post-51002","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-credit-repair","tag-credit-history","tag-credit-monitoring","tag-credit-score","tag-mortgage","tag-mortgage-application","tag-mortgage-loan","tag-mortgage-rates","post--single"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How can credit monitoring help increase and maintain good credit?<\/title>\n<meta name=\"description\" content=\"Good credit significantly improves the experience of buying a home. 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