As individuals, credit monitoring services are a way to protect ourselves from identity theft and to help keep our score up in order to apply for a new credit account. Credit monitoring on a regular basis can help you create a better score as you track habits over months and years. The right credit monitoring service will quickly become a valuable tool. It will send you alerts when there is suspicious activity when a score is in trouble, and even when your score is performing exceptionally well.
Having credit report services for business is equally as important, and there are a few ways to determine which service is best for your business. While you do want to check on sites like New York Times, Wall Street Journal, Business Insider, or Forbes for their own ranking, you’ll naturally lean into one that has the best overall rating.
Here are a few ways to determine and how to choose the best credit monitoring service for your business.
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Do a 30-day trial
To choose the best credit monitoring service for your business one of the easiest things you can do is do a 30-day trial. These trials provide you with an opportunity to see how the service adapts to your needs. What information is it giving you? How frequently are you getting that information? Do you understand it? With a 30-day trial, there is no commitment fee and you easily cancel it at the end. It’s no risk and high reward because you’ll be able to sense if that is the best service for you.
Number of credit bureaus
While there are dozens of credit reporting services, there are actually only three credit bureaus in the United States that dominate the industry and are the top—TransUnion, Equifax, and Experian. These bureaus are in charge of collecting information about how individuals and businesses conduct themselves financially.
For an accurate intake of what your business’s credit is you should look at all three of them. Some credit monitoring services will monitor one or two, but not all three. Be sure to check that as a factor for what works for you.
Type of plans
Similar to how insurance works, credit reporting services offer different tiers of plans that are tailored for who needs them. Just like there are ones for individuals, and families, there will be ones for all different sizes of businesses. It’ll start with basic and move up from there. As you navigate through the different types of plans pay special attention to what is offered and what you will truly need. Some plans come with a lot of the same things but cost more across different services, or have a particular added bonus that you might never use.
Security features
Perhaps one of the most important features you’ll want and need when you choose the best credit monitoring service for your business is the tools that the service provides for computer security and overall security. Your business identification number and social security numbers are unique to your business and your persons.
The absolutely last thing you want is to have any of that information stolen. While you can purchase security systems for your computer separately, in addition to the service itself, you’ll benefit from a service that offers security with your plan. This will be less time-consuming and thought-consuming for you as you focus on one source for credit monitoring and don’t fret over if the information monitored is at risk of being leaked.
Customer service support
Even if you are a wiz at the computer and think you, or someone on your team, has it all covered, there’s bound to be a time when you will have questions about your credit monitoring service. The more you use it, which is expected to be frequently, the more likely you are to inevitably fall into a pitfall of needing assistance. Choose a service that is able to provide you with the dedicated customer support you’ll need. Again, you might not need it now but you’ll be thankful to have it when that day comes (which is always usually around tax season).
Insurance plan
Not a lot of people know, but certain credit services do offer identity theft insurance. For a business this can be a make-or-break decision—take it! Plans will include up to a certain amount of identity theft insurance, in the rare event that a hacker breaks into the system. Being insured against identity theft can safeguard you in a time that will otherwise be a big headache.
As you navigate through the numerous options of services, to choose the best credit monitoring service for your business these factors can play a big role in your decision-making process.
