The security of your credit report is extremely important due to the threat of identity theft. People can illicitly use your financial and personal information and commit identity fraud. This can be anything from illegal purchases at retail or online outlets using a stolen credit card to using your credentials for fake claims and purchases. 

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CIBIL generates your credit report and credit score based on the information provided to them by banks and other financial institutions. CIBIL reports and credit scores are very crucial and lenders use them to estimate your financial health. It determines whether you are eligible and credible enough for a loan or a credit card. Good credit scores can fetch you not just higher limits, but also lower interest rates. A good credit score proves your creditworthiness to a lender and it also gives you the power to negotiate with the lender for lower interest rates.  

Although credit monitoring can help in identifying signs of potential fraud, monitoring, by itself, cannot help in preventing fraud. Monitoring by itself cannot prevent your data from being breached, prevent someone from opening fake accounts, applying for credit on your name and much more. To be on the safer side, apart from credit monitoring services, one should be extremely careful about sensitive information such as card numbers, bank account numbers, passwords, mobile numbers, OTPs, etc. Never leave your passwords lying around for people to discover, always employ a safe two-factor authentication to carry out transactions, and be careful about your cards. In case of loss, contact your bank immediately to hotlist the card.  

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Helps in Controlling your Finances: Even a couple of points of change in your credit score can affect your eligibility for your loan, the interest rates that you can avail of, etc. Credit monitoring will notify you about changes in your credit score. Being alert in time enables you to re-think and rectify your spending habits.  

What is the Meaning of Credit Monitoring? 

Credit monitoring refers to staying on top of your credit history by getting notified about any unusual changes as well as any unusual transactions that may have happened through any of your accounts. This helps in reducing the chances of fraud and misuse of confidential information by unscrupulous elements or credit card theft. If you have been a victim of cheating in the past, opting for these services is a prudent decision. It is also a handy tool to monitor your credit score if you are planning to apply for a Personal Loan in the future .  

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Impact of Credit Monitoring on your Credit Score

Credit monitoring does not hurt your credit score. If a consumer access his/her own credit reports, it does not have any impact on their credit scores. Reviewing a credit report results in a “soft pull,” or “soft inquiry,” which means it will only be seen on a personal credit report. When a consumer applies for any kind of credit products such as loans or credit cards, the lender will review the applicant’s credit report, and a “hard inquiry” will be added. Hard inquiries are shown to other lenders because they may represent new debt that doesn’t yet show on a credit report as an account and it has an adverse impact on your credit score. Everyone should check their reports at least annually. It’s part of good credit management.