Skip to main content

What is a credit monitoring service?

A credit monitoring service is a commercial service that charges you a fee to watch your credit reports and alert you to changes to the accounts listed on your credit report.

Credit monitoring services usually alert you of changes to your accounts by email, text message, or phone. Prices and service options vary widely, with some services costing over $15 a month.

Before signing up for a credit monitoring service, make sure you understand what you’re really getting. Most monitoring services don’t protect your personal information from being stolen -- they merely alert you after it has been stolen.

Some companies offer “free” credit monitoring services. Before accepting a “free” offer, however, check for any hidden fees or cancellation requirements. Also check with your local consumer protection agency and State Attorney General office to see if complaints have been filed against the company.

Free alternatives to credit monitoring services

As an alternative to paid services, you can request a free credit report from each of the nationwide credit reporting companies once every week to monitor your credit yourself. Other free services you can use include:

  • A security freeze. You can protect your credit reporting data by using a security freeze to block third party access to your reports. Putting a security freeze on your credit report will generally prevent new credit from being opened in your name. This means, for example, a fraudster would be unable to open a new credit card account in your name and would protect your credit reporting data from ID theft related harms before they can happen. You can freeze and unfreeze your credit record for free at the three nationwide credit reporting companies – Equifax , Experian , and TransUnion .
  • A fraud alert. If you believe that you've been the victim of identity theft or fraud (or are about to), you can place a fraud alert on your credit report. A fraud alert doesn't prevent a lender from opening credit in your name, but it does require a lender to take certain measures to verify your identity first. An initial fraud alert lasts up to one year unless you decided to remove it sooner.

You can also submit a complaint about a problem with credit reporting to the CFPB online.


Page last modified @

View older versions of this page at our public archive.