Learning Center
Basic Finance
How Credit Affects You
Preparing for Home Ownership
Steps for Buying a Home
Life as a Homeowner






 
Additional Resources
Module 2
How Credit Affects You
Identity Theft and Fraud
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Credit Monitoring Services

Earlier Detection, Less DamageCredit monitoring services offer the benefit of early detection of unauthorized activity in order to limit the amount of financial damage that you may suffer at the hands of a thief. Although monitoring your credit report may not prevent your identity from being stolen, statistics show that if an identity theft goes undetected for six months or longer, the victim will suffer greater financial damage. A credit monitoring service is not for everyone, but if you want to keep a close eye on your credit it might be right for you. Although you can purchase varying levels of service, generally, these services will monitor the following:
  • Who is inquiring about your credit. This information can be useful in detecting unauthorized activities.

  • Any new accounts that are opened in your name.

  • Any change of address to any of your accounts. When applying for credit, identity thieves often substitute different addresses for that of their victims.

  • Any changes to your accounts, including refinancing, credit limit increases and account delinquencies.

  • Any changes to public records such as judgments or bankruptcy filings.

Helpful Links

Sites with More InformationTo learn more about identity theft and fraud and how to prevent it, visit the following sites:

Consumer.gov About ID Theft
Department of Justice ID Theft Web site
FTC's Facts for Consumers
National Foundation for Credit Counseling
Privacy Rights Clearinghouse
Social Security Online: Identity Theft

These helpful links are also available in the Resources area.

Next Step
Congratulations—you have finished How Credit Affects You! Use the Key Points Summary to review the topics you learned, and then test your homeowner knowledge with our Quick Quiz.

When you are finished, continue to Preparing for Home Ownership to learn how you can start down the path to home ownership.

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