I’ve written about getting your credit score for free in the past, but Credit Karma does a lot more than that now. Along with their credit estimator and credit report card, the growing site just added free daily credit monitoring.
What Is Free Daily Monitoring?
A few weeks ago, I got a shiny new credit card. I love it. However, we all know that new accounts have an impact on your credit score. Credit Karma knows that and finds it important, so it sent me an email.
Any time a major change happens on your credit report, whether it is positive or negative, you should know about it. This is the only free service I know of that gives you this level of detail on your credit without charging a fee.
How to Set It Up
First, go to Credit Karma’s website. If you don’t already have an account, sign up. It only takes a few minutes. You have to enter some secure information, such as your social security number, so the site can access your credit report.
Once you are signed up, go to “my profile” at the top and click on “credit monitoring preferences.” In the following screen, just make sure the box is checked and hit update. That’s it. Super easy. Super free.
What’s The Catch?
Everyone is trying to make money online these days. Credit Karma makes money by offering you credit and bank accounts based on your credit profile. If you sign up through them, they get paid. However, it is much better if you sign up through this site. (I might be biased there)
Why This Is Important For You
I am sure you are thinking, “why would I waste my time with this?” Like an emergency fund or wearing a bike helmet, it is something you have for the unexpected.
Sadly, identity theft is very real. Identity theft was up 13% in 2011 and that trend is certain to continue in 2012. 500 million people had their personal data leaked from some sort of hackers over the last 5 years. Most identity theft victims don’t find out about the problem for at least 6 months.
This free product protects you, your credit, your finances, and your family from identity theft. It can’t prevent it, but it can give you important information right away that you can use to make sure a small problem doesn’t become a massive one.
Identity Theft Tips?
What are you best identity theft tips and tools? Please share in the comments.
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