With the rise in identity fraud, credit monitoring offers Canadians peace of mind by providing regular alerts on any changes in their credit report. This service is particularly valuable for those working to build or repair their credit, as it allows them to keep track of their progress and quickly address any suspicious activities. Credit monitoring services, offered by major credit bureaus like Equifax and TransUnion as well as private companies such as IDShield and Telus, typically range from $10 to $24.95 per month and may include additional features like fraud alerts, identity theft insurance, and lost wallet assistance. Although credit monitoring can't prevent fraudulent activities, it can help detect them early. It's especially beneficial for those who have had their personal information compromised or are preparing for significant financial decisions like applying for a loan. For those who prefer not to pay for these services, alternatives exist to help keep an eye on credit activity.
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