How to Monitor Your Credit Record

Monitoring your credit report is an effective and convenient way to avert fraudulent activity such as identity theft. Every consumer has a personal credit file with each of the three reporting agencies -- TransUnion, Equifax and Experian. While identity theft doesn't affect everyone, some people are victimized and have multiple accounts opened in their names. The results of identity theft can include a drop in credit score; it can take months to repair the damage. Stop identity theft quickly by monitoring your own credit report.

Instructions

1

Place a freeze on your credit report. For an inexpensive fee, you can place a credit freeze on your own credit report, which prevents the release of your credit report information. Creditors and lenders are not able to access your credit profile, thus they're unable to open a new credit account in your name. Contact bureaus individually to place a freeze, and then recontact them to remove the credit freeze.

2

Attach a credit alert to your file. With a fraud alert, you can apply and receive new credit, unlike with a credit freeze. The only difference is that creditors and lenders must receive your permission or confirm identity before issuing an account. This service is available to people who've been victims of identity theft. When you contact one bureau to request a fraud alert, the alerts are automatically listed with the remaining two bureaus.

3

Get your personal report at least once a year. Do your own monitoring by taking advantage of free reports issued by Annual Credit Report.com. Get a report from each bureau, and then examine each credit account for mistakes, outdated information and other reporting errors. Call your creditors or lenders to dispute errors, and file a complaint with the reporting agencies to investigate possible incidents of identity theft. Having one or more unknown accounts on your file can point to identity theft.

4

Enroll in credit monitoring. Some banks and credit card companies offer credit report monitoring. Accept these offers to stay on top of your personal credit report activity. These services typically involve a monthly fee. You receive an e-mail alert or text message if someone submits an application for credit using your Social Security number, if changes take place on your report, including address or name updates, or if someone successfully opens a new account in your name.