Why Should I Monitor My Credit?

Why should I monitor my credit?

Credit monitoring is a great way to track your credit score, evaluate credit health, and detect inaccurate information that may be reporting to the credit bureaus. There are several credit monitoring websites, but not all are created equal. We recommend using SmartCredit as it will allow for consistent VantageScore tracking as well as a credit report provided from all three credit bureaus.

In a previous post, our team explained the difference between a FICO score and a VantageScore. Although there are significant differences, tracking a VantageScore can be incredibly helpful in understanding the health of your credit. If there is a drop in VantageScore, it can be anticipated that there may be new negative information reporting to your credit, high account balances, or even a new inquiry.

Oftentimes, the new information is inaccurate or incomplete. Pulling a credit report from all three credit bureaus to see what information is reporting to each bureau is important in protecting yourself against unfair reporting practices.

The information on your credit report is updated on a monthly basis, and even small changes in reporting can have large impacts on credit scores. Our team is able to help you understand what negative information is reporting and help set up an account with a credit monitoring service to track progress when disputing negative information and building healthy credit habits.

To learn more about credit monitoring and what may be impacting your score, schedule a free evaluation with one of our team members. We are happy to help!