Compare Credit Monitoring Plans

When you apply for a mortgage or take out a car loan, the lending institution looks at your credit report. If you consider renting an apartment, your potential landlord looks at your credit report. When you apply for a credit card, the card company looks at your credit report. You should know what's in it, too.

Fortunately, under the Fair Credit Reporting Act, you are entitled to a free copy of your report from each of the reporting agencies - TransUnion, Experian, and Equifax - once a year. If you've never been the victim of identity theft, if you carry only one credit card or debit card and use it sparingly, if you don't shop online, and if your financial history is relatively straight-forward, once a year is probably plenty.

However, if your financial life is more active - especially if you shop online and maintain a financial presence on your computer - you are more vulnerable to identity theft, and you would be well-advised to keep a closer eye on your financial profile. By maintaining a constant monitor on your credit report and credit score, you can catch any unauthorized intrusions and take immediate action to fix any damage.