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Identity theft has affected millions of Americans, and that problem seems to be increasing with time. If you pay for credit monitoring, you will have a ways to receive early alerts to every potential fraud, or you can simply monitor your records for no cost, regularly. The credit report monitoring service is actually a firm that watches the changes in your credit reports, and notifies you if some of the changes could be a sign of a fraud, such as account openings or new applications. It can be boring if you receive the reports if you are the one who is doing the changes, but think how much money this service could actually save you if someone is trying to commit a fraud in your name. The monitoring is not overly expensive, it will cost you no more than $40 per year, but in these times – it has become a necessity for people who have bank savings. However, most of the monitoring services don’t alert their customers in some cases which could mean a fraud, such as a sudden activity on an account which you haven’t used for a long time, or a fast run-up within your balances. So keep that in mind and don’t have too many expectations. The service could be a huge help, but you can still become a victim of fraud, although the percentage of risk will be significantly lower.