A credit monitoring service can help you keep track of your credit health. There are free credit monitoring services and ones you can get at cost. Some banks, credit card companies, or other services may offer free credit scores and monitoring as part of your membership.nnCredit monitoring services usually alert you about credit report changes that could impact your score. Examples include:nnCredit score changes (increases or decreases).nHard credit inquiries.nNew account openings.nAdjustments to credit card balances.nUpdates to your credit utilization ratio.nLate payment reports.nNew derogatory credit informationnUpdates to PII (address change, name change, etc.).nDifferent credit scores at the three bureaus.nnSome paid credit monitoring services include enhanced services like identity theft protection or locking or freezing your credit report. That prevents financing companies or anyone else from pulling your report. These enhanced services might be worth it if your information (such as your SSN) has been compromised.nnYou can also conduct your own credit monitoring without using a service. Everyone gets one free credit report per year at www.AnnualCreditReport.com. However, DIY credit monitoring is time-consuming and requires discipline to monitor your account continually. In addition, the report does not include a free credit score.nnDeciding if credit monitoring services are worth it is a personal decision. If you know your credit score is good to excellent, then it might not be necessary. If you're actively building credit, a monitoring service can help. Some will provide customized plans to help you boost your score.nnWhether you use a service or monitor your credit yourself, keeping track of your credit reports is essential. Erroneous or incorrect reports can happen. A Federal Trade Commission (FTC) study revealed that 25% of consumers identified errors in their credit reports that could affect their credit scores.