Key Takeaways:
Credit monitoring watches your credit file and alerts you to key changes, such as a new account opened in your name
Alerts help you spot potential identity theft early, when it’s easiest to limit the damage
Monitoring is part of TransUnion Interactive Inc.’s paid subscription; your consumer disclosure remains free through TransUnion Canada
Checking your own credit file never lowers your score
The basics of credit monitoring
A lot depends on your credit — loan approvals, insurance premiums, even the success of some job applications. Checking your credit report is always a good idea and monitoring your credit report year-round can be equally helpful.
What is credit monitoring?
With TransUnion Interactive’s credit monitoring service, you can access your credit report and monitor your credit report. With credit monitoring, TransUnion Interactive alerts you to key changes to your credit report, such as a new account opened in your name or negative information like a late payment reported by one of your creditors. Credit monitoring keeps you informed, helps you stay on track and is a great way to help you maintain healthy credit.
Credit monitoring can alert you to identity theft
When identity thieves strike, they can have your name, Social Insurance Number and potentially a credit card number. With this information, imposters can apply for credit cards, rent an apartment, take out a car loan and even open new bank accounts in your name. Most victims don’t realize they’ve been compromised until they review their credit report or credit card statements — and by then, it may be too late.
Using a credit monitoring service can help alleviate the headaches that come with trying to restore your identity after it’s been stolen. Credit monitoring helps you act quickly whenever anything suspicious occurs on your credit report.
Want to see where your credit file stands? Get your consumer disclosure — Ontario and Quebec residents also receive their credit score and score factors.
Credit monitoring is part of TransUnion Interactive’s subscription-based credit monitoring service ($24.95 per month plus tax where applicable; cancel at any time). Your consumer disclosure is always free of charge through TransUnion Canada, and Ontario and Quebec residents also receive their credit score and score factors on their disclosure.
No. Checking your own credit file is a non-credit-related inquiry and has no impact on your credit score.
