CNNMoney tackled  the question of why you don’t need credit score monitoring. Credit score monitoring is when you pay one of the credit bureaus (Equifax, TransUnion, Experian) a set fee each month to tell you if your score goes up or down. The fees range anywhere from $15 to $20 a month (or more) and that’s $15-$20 too much.
Your credit score is important but it’s not so important you need to monitor it. It’s like your weight. It’s important to know it but not so important you need to monitor it every single day. It’s certainly not worth it to pay your doctor to use his or her finely tuned scale to get your exact weight (nor is it so important you should strip off every article of clothing!), your “off by 5 pounds” scale at home is good enough.
If you want credit monitoring, I recommend using a service like Credit Karma . They give you a better than “home-scale” version of your credit score for free. It’s a TransUnion credit score based on their formula, not FICO, but it’s good enough. Most monitoring services justify themselves by saying you can help monitor your score for fraud and getting a free score from Credit Karma accomplishes that.
If you are curious about how to protect your credit from fraud and don’t want to pay a service like Lifelock, here’s a post on do-it-yourself credit protection  chock full of tips.
Save your hard earned money for something else.
(Photo: thetruthabout )