The Best Credit Monitoring Services

Our credit reports are undoubtedly important. Keeping them protected is vital to ensure that your personal information remains safe. The best way to do so is by applying to a credit monitoring service.

What is Credit Monitoring?

Credit monitoring services observe any adjustments or changes that are made to your credit report. Your credit report includes your personal and financial information. This includes your identification, credit history, public records, and other financial records.

What Does Credit Monitoring Do?

The most significant advantage of credit monitoring is to protect yourself from fraud. Credit fraud can be very common today. Having this information stolen can be very damaging, not only for your finances but even for your personal information. Using a credit monitoring service is the best way to protect yourself from these dangerous fraud risks. If they detect any changes and suspect a risk, they will notify you immediately. Being informed on time also allows you to check and ensure that the adjustment was correct.

Credit Monitoring Services

There are many excellent credit monitoring services available to Canadians. A variety of these services have fees, yet some have no cost. All the credit monitoring services that will be discussed today are free of charge.

Mogo

Mogo is a Canadian financial company that provides credit monitoring services. They offer excellent protection from fraud and other potential threats to your credit report. You can sign up for free online on their website or on their app, which only takes a few minutes. Once you have your account running, from that point on, Mogo will watch your file and alert you immediately if they detect any changes. Even if there seems to be a small error in the system, Mogo will be quick to pick up on the change and will still categorize it as a potential threat. Thousands of Canadians have benefited by using Mogo and have even been saved from close calls with fraud.

Borrowell

Borrowell is a fairly newer service, compared to other credit monitoring services. Borrowell has been a popular option for many Canadians within recent years. Like other monitoring services, you first go to their website and create an account. However, unlike typical credit monitoring services, there is no automated system that alerts you of fraud. Instead, you need to log in yourself to check and see that everything is up to date . Although this may seem like an inconvenience, you can set up notifications, which will remind you to check your report every week. Borrowell has been a great service for many, since there are different profile setting you can choose from and adjust to your liking. One of their best features is that they can send your credit score to you every week via email. This is perfect if you happen to forget to check your credit score regularly.

Credit Karma

Credit Karma is both a US and Canadian credit monitoring service. You can create an account on their website or on their app. After making an account, you can choose to get notifications sent directly to you. Credit Karma focuses on more significant changes made to your credit report. More minor adjustments will not be as much of an alarm. If there does seem to be a substantial fraud incident, you will be notified as soon as it occurs. With this alert, you can be aware of the issue immediately and resolve it right away.

If you are not registered with a credit monitoring service, you may want to give it some thought. Even if you feel that your credit report is safe, having a backup is always the best choice.

Sources

-Drake, Tom (2021). The Best Credit Monitoring Services in Canada: How to Use a Credit Alert to Protect Against Fraud. Maple Money. Retrieved from https://maplemoney.com/how-to-use-credit-alert/

-Omololu, Enoch (2022). Best Credit Monitoring Services in Canada 2022. Savvy New Canadians. Retrieved from https://www.savvynewcanadians.com/best-credit-monitoring-services-canada/