Credit Monitoring

What is Credit Monitoring? Do You Need It?

Monitoring your credit report is crucial for maintaining a healthy financial well-being. It helps you understand the factors that impact your credit score and serves as an early warning sign for potential fraud or identity theft.

Having negative impacts on your credit generally lowers your score and can lead to higher interest rates and even rejection of credit card or loan applications. By closely monitoring your credit report, you can better prepare yourself for significant purchases and avoid surprises during the application process. Fortunately, there are many ways to monitor your credit report for fraud and errors, either by opting for free services or paying for credit monitoring.

Free Services

• My Credit Score is a free service offered to Magnifi Financial members enrolled in digital banking. Keeping tabs on your credit score and report has never been more convenient. My Credit Score's many tools help you understand the key factors that impact your score and deliver insights to improve your score and overall credit health.
  Here are a few highlights of My Credit Score:

  • Provides a daily score refresh

  • Sends email notifications about changes to your score and credit report

  • Score Simulator lets you simulate a credit decision to see how it impacts your credit score before taking action

• You can receive one free credit report every 12 months from each of the three nationwide consumer credit reporting agencies - Equifax, Experian, and TransUnion. These agencies have user-friendly websites, toll-free phone numbers, and mailing addresses where you can request your free annual report. To obtain a copy of your credit report, simply visit annualcreditreport.com or call 877.322.8228.

Paid Services

• On the other hand, if you prefer a more comprehensive credit monitoring service, it's essential to consider factors such as cost, features, customer reviews, and the provider's reputation. Look for services offering regular credit report updates, identity theft protection, and alert notifications for suspicious activities. Reading reviews and comparing options can help you make an informed decision that aligns with your specific needs.
  
  
• As a member of Magnifi Financial, you also have access to Marketplace, a free service that allows you to use trusted financial apps within digital banking. By selecting "Marketplace" from your digital banking menu, you can easily sign up for subscription services for ID theft protection services like Experian® IDnotify® and pay off debt sooner with an effective debt repayment strategy with Changed.
  

Ultimately, staying on top of your credit score is vital for ensuring the accuracy of your credit information and putting yourself on the right path to maintaining or building a strong credit score. So make it a priority to monitor your credit report regularly and take the necessary steps to protect yourself from potential financial setbacks.

For more information on fraud prevention and protecting yourself, we encourage you to visit our fraud prevention resource page.

Watch this video to learn more about Identity Theft.