If you’re interested in improving your credit score(s), “credit score monitoring” might be just the ticket.
These days, most services that allow you to obtain a “free credit score” do so by automatically enrolling you in opt-out credit score monitoring program.
They do this because a certain number of consumers won’t cancel the service within the trial period, and will be subject to the monthly charge, which varies by company.
Credit Score Monitoring Can Sometimes Be Worth the Cost
This isn’t necessarily a bad thing if you’re actively looking to improve your credit score. Most of these companies that provide credit scores and monitoring also offer up a suite of tools to boost your scores.
They make it easy, often allowing you to work on problem tradelines with the click of a button. For example, you may see a medical collection or another derogatory account on your credit report that doesn’t quite add up.
With a click of the mouse, you can dispute the tradeline online and await the results. If you’re lucky, the company may not respond, and soon the credit reporting agencies will take note and remove the negative mark from your credit report.
Not Everyone Needs Credit Score Monitoring
At the same time, if you pull your credit score(s) and find that you’ve already got good credit, there may not be a need to monitor it further, at least at a cost to you.
Sure, you’re always susceptible to identity and credit theft, but you can monitor suspicious activity via the free credit reports from the government. They’ll display all the information you’d see elsewhere, minus the credit score.
In short, there’s no sense in throwing away money when something’s in good shape. But if you’ve got a bad credit score, a little time and money to make it right could be well worth the price of monitoring.
This is especially true if you plan on applying for a big loan in the somewhat near-future, such as an auto loan, lease, or a mortgage. The difference in interest rate for a bad credit score vs. a good credit score should more than make up for any costs associated with the credit score monitoring.