Credit Watch

DEFINITION of 'Credit Watch'

A variety of special programs offered by credit rating agencies and financial institutions to monitor an individual's credit report for any credit related changes. A credit watch allows individuals to act on any red flags before they can have a detrimental effect on credit score/history. Subscribing to such a service can also be used as a form of protection against identity theft.

BREAKING DOWN 'Credit Watch'

Most of these paid services will notify the individual within a business day whenever a credit application is made and shows up in your credit report. The intent of this service is to alert individuals of changes to their credit reports. These updates make it easier to determine whether personal information has been compromised.

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RELATED FAQS
  1. How many free credit reports can you get per year?

    Individuals with valid Social Security numbers are permitted to receive up to three credit reports every 12 months rather ... Read Full Answer >>
  2. Is it possible to get a free credit report from Equifax?

    It is possible to get a free credit report from Equifax, as well as the other two major credit bureaus, Experian and TransUnion. ... Read Full Answer >>
  3. Do free credit reports affect your credit score?

    Free credit reports do not impact your credit score. Credit inquiries are divided into two categories: soft inquiries and ... Read Full Answer >>
  4. Does a free credit report show your credit score?

    The free credit reports available from the three credit reporting agencies do not include your credit score. Under the 2 ... Read Full Answer >>
  5. Is getting a free credit report safe?

    Getting a free credit report can be safe if you are careful about the particular website from which you get it. Credit reports ... Read Full Answer >>
  6. How accurate are free credit reports?

    Free credit reports are usually considered mostly accurate, which is why it is important to regularly examine your own reports. ... Read Full Answer >>
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