Credit Monitoring

Credit monitoring is a powerful tool that empowers individuals to take control of their credit health. It involves regularly checking your credit report and score to ensure accuracy and detect abnormal activity. Your credit report, a comprehensive record of your borrowing and repayment behaviour, and your credit score, a numerical representation of your creditworthiness, are at your fingertips.

For those new to credit monitoring, understanding its importance is key to your financial security. By monitoring your credit, you can identify errors or fraudulent activity early, potentially saving you from financial harm. Moreover, credit monitoring keeps you informed about your financial standing and tracks your progress towards building good credit, providing a safety net for your financial future.

Credit monitoring services typically offer features such as alerts for changes to your credit report, identity theft protection, and credit score tracking. While some services may charge a fee, many offer free options.

This overview will explore the basics of credit monitoring, how it works, why it's important, and the available options for monitoring your credit. By the end, you will better understand how credit monitoring can benefit you on your financial journey.

How Does Credit Monitoring Work?

Credit monitoring monitors your credit report and lets you know if anything strange happens. Here’s how it works:

• Watching Credit Reports: These services keep track of your credit history. They look at your accounts, inquiries, and other credit stuff. If something fishy happens, they’ll send you a message.
• Spotting Identity Theft and Fraud: Cybercriminals sometimes steal personal information (like credit cards or Social Security numbers) and use it without permission. Credit monitoring helps catch them before it’s too late. For example, the service will tell you if someone opens a new credit card in your name.
• Tracking Credit Scores: Some services also give updates on your credit scores. This helps you see how good your credit is, which can help you plan for things like getting a loan or a mortgage.
• Picking a Service: These services come in different types and prices. Some are free, so just watch your credit score. Others cost money, but keep an eye on more things, like your bank accounts and credit cards. Think about what you need and pick the right service for you.

How to Monitor Your Credit Score

Urban Money provides you with an easy way to monitor your credit score for free! Following are the ways to access your credit score on Urban Money’s website:

• Visit the Urban Money’s website. Go to our credit score webpage. Access the credit score site.

• Complete the form with basic personal details such as Name, Mobile Number, and Email Address. This will prompt Experian to send a One-Time Password (OTP) to the provided phone number.

• Verify that the OTP was received and that your credit report will appear on the screen.

Simultaneously, Experian will send a copy to the registered email address. You also have the option to download the report in PDF format. Authenticate the OTP.

However, if you encounter difficulties accessing your credit report using this method, you may need to provide additional information such as Permanent Account Number, City, and Gender. Once these details are verified, your credit report will be displayed, and a copy will be sent to your email.

If you still cannot view your credit report, you may need to complete a Q&A form designed by Experian to verify your identity. Upon submission of this form, you should be able to access your detailed credit report.

Benefits of Credit Monitoring

Credit monitoring offers various benefits:

• Early Detection of Suspicious Activity: It helps detect any unusual or fraudulent activity on your credit report, such as unauthorised transactions or new account openings, allowing you to take action promptly.
• Protection Against Identity Theft: Credit monitoring can prevent or lessen the damage caused by identity theft by alerting you to signs of theft, such as someone using your personal information without permission.
• Maintaining Financial Health: Monitoring your credit helps you stay aware of your financial standing and track changes in your credit score over time. This awareness enables you to make informed decisions and take steps to improve your creditworthiness.
• Peace of Mind: Knowing your credit is being monitored can provide peace of mind. You will be notified promptly of any suspicious activity, allowing you to address issues before they escalate.
• Access to Credit Score Information: Some credit monitoring services provide regular updates on your credit score, giving you insight into your creditworthiness and helping you understand how lenders may view you.
• Assistance in Financial Planning: Understanding your credit status through monitoring can aid in financial planning, such as preparing for major credit-related decisions like applying for loans or mortgages.

What is the Fee for Credit Monitoring

Urban Money offers free credit monitoring. All you have to do is visit the official Urban Money website and monitor your credit score for free!