Credit Card Monitoring
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Twenty-four hour credit card monitoring is an effective way to safeguard good payment histories and prevent fraudulent charges. Having one's identity and good FICO score stolen and marred is no laughing matter; and a mysterious charge for six dozen T-bone steaks or a designer dress might just be an indication of fraud. Due to the prevalence of identity theft and unauthorized charge account usage, consumers are turning to companies that provide 24-hour surveillance. Credit card monitoring provides added assurance that accounts are safe from predators that prey on unsuspecting cardholders who risk creditworthiness and quality of life. Fraudulent purchases and unpaid accounts can lower consumer report scores and place cardholders in jeopardy of being denied prime loans for homes, vehicles, college education and in some cases, employment. In an economy which is largely fueled by credit, a tiny three digit score determines consumer buying power. Those who have good creditworthiness are considered good risks and rewarded with low interest financing, while those who have poor payment records are banished to high interest rates through fly-by-night finance companies and hard money lenders. Some property owners will not even lease rentals to tenants with low credit scores; and employees are increasingly denying poor credit applicants an opportunity to compete for good paying jobs.
Because lenders, employers, and landlords rely so heavily on consumer report scores to determine who gets financed, hired, and housed, credit card monitoring has become vital to consumers across the nation and the globe. For a small monthly fee, sometimes as low as $5, web-based monitoring agencies can be employed to run continual reports on accounts and analyze expenditures within 30 days after purchases have been made. Twenty-four hour surveillance is designed to detect new accounts as they are opened, purchases which top or exceed credit card limits, inaccurate delivery addresses on buyer receipts, and multiple purchases of big ticket luxury items that appear within days. Credit card monitoring which detects an expenditure of airplane fares, accommodations on a tropical island, car rentals, and exorbitant room service for a customer whose account seldom includes more than purchases at the gas pump raises a red flag. Surveillance software automatically sends an email alerting the account holder of a suspicious entry and reports can be viewed online 24/7. The account holder has the option of examining reports and credit histories provided through the monitoring service or any of the nation's three reporting agencies and can then dispute or verify charges. "Prove all things; hold fast that which is good. Abstain from all appearance of evil. And the very God of peace sanctify you wholly; and I pray God your whole spirit and soul and body be preserved blameless unto the coming of our Lord Jesus Christ" (I Thessalonians 5:21-22).
Companies which provide credit card monitoring to subscribers also notify account holders when scores begin to decline, based on reports generated by the three major consumer reporting agencies in the United States. If a cardholder with an excellent credit rating begins to experience rapidly declining ratings, charge card surveillance can determine the cause of lower scores. Inquiries made by lenders or creditors reviewing account holder loan applications could account for lower scores, since frequent inquiries adversely affect scores. A rash of consumer report inquiries could indicate that an unauthorized user is attempting to open new accounts or apply for financing based on an unsuspecting individual's FICO score. Invoices which remain unpaid for 30 to 90 days also lower scores and alert monitoring agencies that there may be a potential problem. Unauthorized users seldom worry about paying bills; they will simply keep charging until the card is rejected due to a lack of funds. Unfortunately, by the time fraud has been detected, thousands of dollars could be stolen from unsuspecting account holders. That's reason enough to secure 'round the clock surveillance.
In addition to subscribing to credit card monitoring services, consumers should take a proactive stance against charge account fraud. Instead of tossing monthly bills aside when they come in the mail, account holders should take time to carefully review each purchase to ensure that charges are not fraudulent. Save point-of-purchase receipts and make sure that bank statements accurately reflect expenditures. Consumers should notify their monitoring service regarding any discrepancies or call the store manager to dispute charges that cannot be accounted for. Shoppers should not be afraid to politely question store managers about charges that cannot be substantiated. Alerting merchants, monitoring services, and card issuers about possible fraud will help quickly target identity theft and unauthorized users. Consumers should also be careful about loaning charge cards to family and friends and alert college and high school card carriers not to share cards or account information.
If fraudulent charges continue to appear on account statements, credit card monitoring agents will advise consumers to close the account and have merchants keep a watchful eye out for perpetrators who may try to use the account after it has been closed. Store cameras can catch thieves who steal identities and charge accounts with the help of credit card monitoring firms who remain vigilant in detecting unusual account activity. Sadly, store clerks cannot be ruled out when it comes to charge account fraud. With access to customer account information, some sales personnel may yield to the temptation to help themselves to someone else's credit or pass account numbers to non-employees. Consumers who use monitoring services are the best armed when it comes to identity theft and charge card fraud. Fees for account surveillance are minuscule compared to the peace of mind which comes with knowing that a hard earned high FICO score and potential buying power will remain intact.
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