PrivacyGuard's daily credit monitoring alerts you of certain credit changes that could impact your credit score, such as queries into your credit files and new account openings. PrivacyGuard offers multiple ways to help protect your credit score. However, regularly monitoring your credit report and scores can help you quickly verify that what is being reported about you is accurate. Identity theft can happen to anyone, and it can take days, weeks or more after the theft is discovered to put things right. PrivacyGuard can help you with this.Īnother important reason to monitor your credit score is to help alert you of potential identity theft. If you find any discrepancies in your credit report, you should contact the appropriate credit reporting agency to correct the situation. A good way to discover this is to regularly review your credit report and credit score and verify the information yourself. All of these issues could impact your credit score. Credit information about someone with a name similar to yours may get mixed in with your credit information. A creditor may send the wrong information, or information may get lost in the shuffle or not be reported at all. For one, the information in any of your credit reports may not be entirely accurate. However, there are other reasons that you may not have considered. Your score(s) may not be identical or similar to scores received directly from those agencies, from other sources, or from your lender.Ī good reason to know your VantageScore credit scores is so you may have an idea of your credit worthiness should you need to deal with a potential lender or other credit agent. The version of VantageScore provided here is used by some, but not all, lenders. VantageScore credit scores are based on the data contained in each of your credit reports, so they can provide a quick and accurate assessment of the strength of each of your credit files. PrivacyGuard provides members with access to their personal VantageScore credit scores. In turn, each lender may not use the same score for determining a person's creditworthiness. There are many different credit scoring companies, each with its own formula for calculating credit scores. Lenders may even use credit scores to help them decide to raise or lower interest rates on existing credit card accounts. Lenders rely on credit scores in decision making, including loan approval and what interest rates to offer. A credit score can have a significant impact on a person's financial life. It reflects the likelihood that they will be able to pay back a credit obligation. A credit score is a numerical summary of a consumer's creditworthiness that's based on the information contained within their credit report.
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