Credit has a huge impact on your financial health, just like your income. That explains why it is important to keep a close eye on your credit reports from the major credit bureaus. Although having valid credit information is crucial – credit card fraud and credit reporting inaccuracies can still impact your credit. That’s why credit report monitoring is so important.

A quality credit score is one of the most valuable assets a real estate investor or client can have. This resource has the authority to not only retain attractive mortgage and refinancing rates but amplify an investor’s negotiating power when seeking a loan. A monitoring service can notify you of potential changes or fraud on your credit report. This way, you can take action and protect your personal information. Read on to learn more about credit monitoring, what is it and should I get it?

How Does Credit Report Monitoring Work?  

Usually, when you apply for credit, pay your bills on time, miss payments, or even file for bankruptcy, creditors report your activity to the credit bureaus. As a result, the agencies compile and organize the collected information into your credit report.

Credit monitoring services not only provide you with your credit report and credit scores, but they alert you of suspicious changes in your credit reports, such as an application for a new credit card or loan or a major change in your credit score, so that you can review your accounts for fraudulent activities. 

Besides that, some services scan the dark web for your name, Social Security number and other personal information, which is something that most individuals can’t do. It is all about awareness. The sooner the service alerts you of fraudulent activities in your account, the sooner you can react to protect your identity and credit score from further damage. 

Just like offering a service to help a clients challenge their tax assessments, offering a credit monitoring service to you clients show how much you care about them. This is a great service to offer an existing client you may be working with or have worked with in the past. What a great way to help look out for your Real Estate clients, help achieve your clients’ credit goals and be different than everyone else?

Is Credit Report Monitoring Worth Paying For? 

Unfortunately, no one is safe from identity thieves. That’s especially true when we shop, pay our bills and bank online, meaning our data is everywhere. This is where credit report monitoring comes in. 

Credit report monitoring can come with numerous benefits, including: 

  • Complete credit outlook from the three major credit bureaus
  • Credit scores simulator and tracker
  • Dark web and internet monitoring
  • Fraud and Social Security number alerts
  • National and international criminal-record monitoring
  • Identity theft insurance 
  • Fraud restoration services

Did you know there is an identity theft case that occurs every 22 seconds, identity theft cases are at an all-time high, because of a wider range of identity theft methods. Simple methods such as traditional identity theft, to more complicated ones like synthetic identity theft, are all increasing.

Experts believe that these cases occur so often that there is a new victim every 22 seconds. Most studies indicate that this ratio will increase in 2022, making it a bigger issue for Americans. Credit monitoring, what is it and should I get it? 

Bottom Line

When it comes to keeping your credit and finances in shape, it is essential to have a credit report monitoring service. This is why Manfred Real Estate Learning Center has partnered with IdentityIQ, industry-leading services feature identity theft protection and credit report monitoring to help bring you peace of mind. IdentityIQ is a brand of IDIQ. This service is now offered as part our your Manfred Membership

Our membership is focused on helping our members do more business in real estate by providing tools and education to effectively do so. Just another great service we are proud to offer our members.

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