Credit watch services have come into prominence thanks to the many breaches that have been publicized. What exactly is a credit watch, and what benefit does such a service offer the consumer?
Credit Monitoring (or a watch) is the credit bureau selling the consumer their own information. After there has been a change on your credit report, the bureau notifies you in 24 to 72 hours that there has been a change. It is then the consumer’s responsibility to check the information for accuracy and by the way, if they find that it is a case of identity theft, the consumer is responsible for any losses, expenses and has to spend the time to clean up the mess. The Bureaus do nothing to actually prevent the crime of identity theft, nor do they help fix the problem.
Related Questions
- Credit watch services have come into prominence thanks to the many breaches that have been publicized. What exactly is a credit watch, and what benefit does such a service offer the consumer?
- How does a credit watch service work, and are there significant differences between the three major services (Experian, TransUnion, Equifax)?
- How does state service credit benefit an employee?
