Save on unnecessary services

Friday, July 20th, 2012

Millions of consumers are signed up for credit monitoring services and pay for it about $60 to $180 per year. But is it really worth its money, moreover is it worth signing up at all?

Providers of such services claim they protect people from identity theft by watching for changes detected. However, in reality that may create a false sense of security because some forms of ID theft may not appear on your credit report for a long time, if ever.

Indeed, some consumer advocates warn that credit-monitoring services are like a broken alarm that warns you about break-in long after it has occurred.

In spite of these shortcoming, demand for credit-monitoring services and ID theft-protection is increasing. Major credit reporting companies offer services such as Equifax Credit Watch, Experian ProtectMyID, and TransUnion Credit Monitoring. These credit-monitoring tools monitor a subscriber’s report and alarm via messages about inquiries or changes to the report. The cost of these services usually include a monthly subscription fee that covers daily credit report monitoring, providing fraud-resolution insurance, and sending alerts.

But be aware! Consumer watchdogs warn that these services can be costly and incomplete: many only check activity on one credit bureau report, not all three. They also note that most services done for a fee can be done by consumers for free. The other thing is that you can do it yourself but many people willingly pay for the convenience of having someone do it for them.

However, critics of credit-monitoring tools admit that these services may worth the money for some people. For example, if you have been a victim of ID theft or if you are at high risk, it can pay the cost. Also it is true for those who keep a lot of money in their banking accounts, rarely check their banking activity, travel regularly, travel abroad, and who don’t care about checking their own credit reports.

There are no doubts that some people may already have ID theft insurance and not know it given as a part of their credit card features. So check before you buy.

Latest Credit Card Fees News

Tuesday, October 25th, 2016
For people with limited credit, bad credit, or no credit history at all, secured credit cards are a huge help. They let folks who might otherwise have trouble getting a credit ...
Thursday, August 13th, 2015
MasterCard is going to move fraud protection to the next level. The company will start a test of their new program which approves online purchases with a facial scan.
Monday, January 12th, 2015
Have you ever thought about what metamorphoses your credit account undergoes when you miss a payment? Here are several things that can happen to your credit card account in case ...
Tuesday, July 15th, 2014
Today most consumers understand how to avoid their credit cards having a negative effect on their credit scores. They know that making every minimum payment every month on time, ...
Thursday, May 29th, 2014
There were times when credit card companies could increase your interest rate or change your payment due date without warning. Of course such changes led to late payments or ...
Best Credit Offer
Check off the cards you want to compare. Then click the Compare link to go to the comparison table.
Consumer Rating: 4 / 5
Pacific Credit Group Emporium Black Card
Copyright © 2001-2016 All Rights Reserved.

* The webpage is a free service and an information resource for credit cards and financial products and services available to eligible United States consumers. does not offer any warranties and is not a direct service. There are no guarantees for approval or offers when applying for a credit card. Please refer to the application if you would like more information on each credit card. When you click "Apply" for a particular credit card, please take the time to review the terms and conditions of the product/service at the issuer's website. All logos on the website are property of their respective owners. makes every effort to keep information up to date and accurate. However, the information regularly changes and is presented without warranty. Therefore, we strongly recommend all our readers to visit the credit card application page by clicking "Apply Online!" button to review the detailed credit card's terms and conditions. Note that may be compensated by the credit card issuers when the readers apply for a credit card through this site. is an independent, advertising-supported website which receives compensation from the credit card issuers and companies whose offers appear on the site. Compensation may impact how and where products appear on our site, including, for example, the order in which they may appear on the site pages. does not review or list all available financial or credit offers.

User Generated Content Disclaimer: These responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.