If you have a credit monitoring service currently in place to help you keep an eye on your credit file, you will most likely receive an alert at some point. The alert may be from a change requested by you, such as when you apply for a new line of credit. However, if the alert comes from activity that you did not initiate, it can be a frightening experience that leaves you wondering what to do next.
In the recent article, Credit Monitoring FAQs: I Received an Alert, What Should I Do?, the experts from the Equifax Finance Blog explain how credit monitoring products work and what you should do if you get an alert. Maintaining a solid credit report and a high credit score is imperative for many reasons, especially if you’re planning to purchase a new home soon and will need to apply for a mortgage loan.
Alerts from the credit monitoring agencies notify you in real time about any key changes that have been made to your credit file. This allows you to take action as soon as possible against any unauthorized activity.
If you receive an alert about a change to your credit file that you didn’t do, the first thing you should do is check your credit report. If you don’t find anything on your account that is unfamiliar, it is important to keep an eye on your credit report for the next several weeks, but you are most likely in the clear. However, if you do find credit inquiries, a newly opened line of credit or anything else that you didn’t do, it is important that you report it to the credit agencies immediately.
Once you report this unauthorized activity, the credit agency will work with you and walk you through the four steps to help repair your credit that are recommended by the Equifax Finance Blog. To find out more information on what those next steps are, be sure to read the article above or visit the blog.