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Credit monitoring services enable you to stay informed about your financial activities, such as acquiring new loans, obtaining credit cards, or making transactions. By checking your credit profile periodically, you can promptly detect any suspicious behaviour and report it before any potential harm. These services also provide insights into your credit-related actions and credit score and help you easily assess your eligibility for loans or credit cards.

How Does Credit Monitoring Work

Know how the monitoring works:

1. Opt for Credit Monitoring Service 

Begin by selecting a trustworthy credit checking facility that aligns with your financial needs

2. Receive Notifications 

Once enrolled, stay informed about all credit-related activities through regular notifications and alerts

3. Monitor Loan and Card Applications 

Keep a close eye on any new loan accounts, credit card applications, or inquiries made by financial institutions, ensuring nothing goes unnoticed

4. Identify Inconsistencies 

Actively review your credit profile for any discrepancies or suspicious activities that may indicate potential fraud

5. Prompt Reporting 

In case of any anomalies, report them promptly to the relevant authorities to prevent potential fraudulent transactions and safeguard your financial well-being

6. Protect Credit Score 

Timely reporting not only prevents financial harm but also preserves your credit score, ensuring prompt eligibility for personal loans and credit cards in future

What are the Ways of Credit Risk Monitoring

Some of the ways in which you could monitor your credit are as follows: 

  • Regular Credit Report Checks

Frequently review your credit information report (CIR) for discrepancies and promptly address any inaccuracies by raising a dispute with the credit bureau

  • Monitor Credit Card and Loan Accounts

Stay vigilant about your active credit cards and loans, and report any unfamiliar accounts appearing on your credit report 

  • Alerts on Applications 

Keep a close eye on messages or emails containing loan/credit card application numbers to detect unauthorised applications; report any discrepancies in transaction messages promptly

  • Utilise Third-Party Apps

Regularly check your credit score; investigate any unexplained drops by reviewing your credit information report for anomalies 

Benefits of Credit Monitoring

The benefits of monitoring your credit are as follows:

  • Prevent Identity Theft

By regularly monitoring your credit report, you can promptly identify and address any discrepancies, protecting yourself from falling victim to identity fraud. Swift action can prevent potential damage to your credit score and overall creditworthiness. If inconsistencies arise, raise a dispute with the credit bureau or inform the relevant financial institution.

  • Customised Alerts

Opting for credit checking services allows you to set personalised alerts for various events, from potential fraudulent transactions to fluctuations in your credit score. This ensures you stay informed about your eligibility for future loans or credit cards. 

FAQs on Credit Monitoring

What are the limitations of credit monitoring?

Monitoring credit cannot prevent someone from hacking into your data or opening fake accounts in your name. To safeguard your personal information, be especially cautious about sensitive data, such as card numbers, bank account numbers, passwords, mobile numbers, and other security codes.

Can monitoring my credit report impact my CIBIL Score?

No, credit monitoring will not impact your CIBIL score negatively as it is counted as a soft inquiry. Only the kind of inquiries that banks/NBFCs make while reviewing your credit card/loan application are known as hard inquiries. Too many hard inquiries in a short period can reduce your CIBIL Score.

How often should I monitor my credit report?

Regularly check your credit report at least once a year to ensure accuracy and identify any potential discrepancies. However, if you suspect fraudulent activity or plan significant credit transactions, consider checking more frequently. Timely reviews not only maintain financial vigilance but also contribute to a proactive approach to safeguarding your credit profile. 

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