Can you afford a credit monitoring service? Yes! Its free!

You probably have heard about the need to keep track of your credit. It’s important – identity theft, unauthorized loans, incorrect reports that can damage your credit and your reputation are costly to fix and the longer it takes you to notice the higher the costs would be.

One of the steps I suggested in case of losing your wallet (or any other personal identification information) was to screen and monitor your credit report. I wrote that subscriptions to various screening services are available through your banks, credit card issuers, warehouse clubs, directly through the credit agencies, and suggested to at least get the free annual reports you’re entitled to by the federal law from each of the agencies. However, most of these services will cost you between $7 and $20 per month of subscription (other than the free annual report, of course).

But there’s a new player in the field – Credit Karma™.

Starting this January, Credit Karma™ started providing a free monitoring service, that would monitor your credit report changes on a daily basis.

Credit Karma states its mission as follows:

“Credit Karma™ is a completely free pro-consumer service dedicated to demystifying the credit landscape. With our credit simulators, free credit scores, credit advice, and credit score comparisons, our goal is to empower consumers to more actively manage their credit and their financial health.”

I cannot not to applaud such a statement and such a mission. They provide the monitoring service using the TransUnion credit agency while many paid services monitor all the three major agencies,  so you still should make sure you’re getting these free annual reports from Experian and Equifax.

Also take into account that Credit Karma™ is a pro-profit company which earns it money through targeted advertising. Some might prefer to pay fees and have their screens clear of ads, and private information (even if aggregated and anonymous) not used for marketing.

If you do want to subscribe to this service – you can do it here.

Your Little Advisor.

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