Good credit is essential for a home or auto loan, a credit card offer, an education loan and, in some cases, an employment offer. Many individuals do not even know their credit score. There are three different credit reporting agencies. Creditors may report to only one bureau or to all three, which can leave a consumer with three widely varying reports. It is important to know the contents of each report.

Each bureau offers all consumers a once-a-year glimpse at their limited credit information. For individuals trying to repair their credit or concerned about identity theft, once-a-year is simply too infrequent. Credit report monitoring companies will keep an individual up to date on their credit scores, alert them when a new account is opened or a creditor has taken a peek at their credit history. The fees such organizations charge are nominal in comparison to the peace of mind that comes with having someone ensure an individual's identity and financial reputation remain in good standing. Most such services charge less than $30 per month to monitor all three bureaus.

As always, when entrusting personal financial information to any agency, taking the time to find the company with a proven and trusted track record is paramount. It is difficult to build a positive credit history. However, a credit score can plummet all too easily. Simply taking the extra step of checking out a credit monitoring service with the Better Business Bureau can save years of attempting to rebuild damaged credit.

There are many worthwhile services a credit monitoring agency perform, services that are essential to building a strong financial future. While there is a fee for such services, an enormous amount of time and money may be saved in the long run. The investment may just be worthwhile.