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Aug.19
8:52 PM ET
Tuesday, 19 Aug 2008
Credit Protection Programs Explained

Credit monitoring programs are constantly advertising, mostly online, that they have the ability to help protect your identity and help mange your credit. Here’s the truth:

-These services will claim to access three-in-one credit reports for a price, but you can do it for free at AnnualCreditReport.com.

-They will offer credit monitoring every business day to keep track of your credit-file activity. The truth is, you can do it yourself if you just read your bank statements.

-If you do sign up for one of these programs, you’ll likely pay something like $12.95 a month (don’t pay attention to cash-back certificate offers, they’re mired in rules and restrictions) after a 30-day trial, giving you an annual bill of $142.45. If you just access your credit score from myFICO.com or from one of the three credit bureaus, you will save $100.

-Lastly, these credit monitoring ads would have you believe that by just monitoring your credit score will rise. Actually, monitoring alone won’t raise a thing. Only you and your behavior can raise your credit score.

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