What is a 'Credit Monitoring Service'?

A credit monitoring service is a system that monitors a consumer's credit reports for signs of possible fraud. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

| Term of the Day Credit Monitoring Service A credit monitoring service tracks a consumer's credit report and credit scores. Consumers primarily use them to guard against identity theft, where bad actors illegally use another person's financial or personal information to commit fraud. Criminal activity related to identity theft can range from illegal purchases at retail or online outlets using a stolen credit card number to filing fake Social Security or Medicare claims. Since thieves use this information without the victim's knowledge, such criminal activity can be difficult to detect until well after the fact, by which time an individual's credit could be utterly destroyed...Read More » Related to "Credit Monitoring Service" What is a 'Credit Report'? A credit report is a detailed report of an individual's credit history. Read More » How to Read a Consumer Credit Report Learning how to read your consumer credit report is vital, as it includes important information about your credit history. Read More » How do a consumer disclosure and credit report differ? Find out how consumer disclosures and credit reports are different, even though they contain similar information. Learn how each document is used. Read More » Related Definitions Credit Score A credit score is a number ranging from 300-850 that depicts a consumer's creditworthiness. The higher the credit score, the more attractive the borrower. Read More » Credit Bureau A credit bureau is an agency that collects and researches individual credit information and sells it for a fee to creditors so they can make a decision on granting loans. Read More » Credit History Credit history refers to the ongoing documentation of an individual's repayment of his or her debts. Read More » Credit Card Issued by a financial company giving the holder an option to borrow funds, credit cards charge interest and are primarily used for short-term financing. Read More » CONNECT WITH INVESTOPEDIA Email sent to: mondemand.forex@blogger.com If you wish to unsubscribe, please click here, or manage subscriptions 114 West 41st St, floor 8 New York NY 10036 © 2019, Investopedia, LLC, All Rights Reserved | Privacy Policy