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Credit Monitoring Companies | ||
| 03/14/2005 | |||
Beware of Credit Monitoring Companies – Know What You’re Getting Into! With identity theft on the rise – so too are the number of people looking to check out their credit reports or seeking out a credit monitoring company to do the work for them. But before you sign on with such a company, make sure you’ve done your homework. Free copies of credit reports are now available to Coloradoans once a year. You can obtain a copy of your credit report from each of the three major credit bureaus: Equifax (800-685-1111), Experian (800-270-6031) and Trans Union (800-888-4213). Many people who find they don’t have time to do the legwork, sign up for companies that will do the work for you. Credit bureaus and other companies offer credit monitoring services for $30-$150 a year, depending on all that’s included. Some monitoring companies will provide you with a copy of your credit report on a quarterly or monthly basis. Others will even provide you with email notices of any changes in your credit report. What to watch out for, however, are the companies that aren’t “doing you a service” but rather using your fear of identity theft to obtain your personal information. The BBB of Southern Colorado, along with the FDIC, warn consumers to beware of telephone or email scams promoting credit monitoring services, “free” credit reports or identity theft insurance. Fraudulent companies often use false or misleading statements to get you to send money or divulge personal information. Remember whether you choose to order your own credit report or pay a service to do it all depends on how closely you want to monitor your credit. In addition, it also depends on how much you are willing to pay for the convenience and extra perks of a company doing the legwork for you. Check out credit monitoring companies with the BBB before you do business. Log on to www.bbbsc.org or call at 719-636-1155. To schedule an interview on this topic, contact Katie Mitzner with the BBB of Southern Colorado at 719-636-5076 x118 or 866-206-1094 x118. |
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