Yes, credit monitoring is important and you are correct, it is definitely worth having it. I have it as well.
There are so many evil scoundrels out there, that we need all the help we can get.
Not just credit monitoring, but also LOCK your credit report as well. Don’t forget that, if you want to apply for a new credit card, you must unlock your report in advance. Then re-lock it after the application process is completed.
Just a month ago I applied for a new credit card and forgot to unlock my credit report. The company wrote back with the explanation “Not enough credit history” which is hilarious because I have a 48 year credit history and a very high credit rating. The credit agency didn’t report back to the company “Credit report locked. Information not available.” Nope, they replied back “Insufficient credit history.” That is just staggeringly stupid.
I unlocked the report and called the company to which I was applying for the credit card. It took FOREVER to get to their credit department through all the voice tree hell. When I finally got a a person, she was very nice and understanding. She re-ran the credit report on the spot and I was approved instantly. I then re-locked my report.
I do have a question. Do I need to lock my credit report at all three credit reporting agencies? Or is it sufficient to lock it at one agency? Do they share credit locks among themselves? I haven’t been able to find an answer to this question.