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2022-09-14

Alternative Loan Monitoring

True or False: All loans show up on your credit report

If you rely on your credit report to show all loans that have been taken out in your name, you’re in for a surprise. Why? Because alternative loans do not show up on credit reports. So, the answer to the question is false.

Another name for Alternative Loans are Non-Credit Loans and Payday Loans. These are short-term smaller loans that come with a high cost due to APR, making them that much more important to monitor. For example, if a fraudster takes out a payday loan in your name and chooses not to pay it back, you are then dealing with the aftermath of a high-interest payday loan. Chances are, if they get away with it once, they will try it again, so these can really add up. Unfortunately, you wouldn’t know that these loans exist until they went to collections, which damages your credit profile.

Fortunately, IDSeal includes Alternative Loan Monitoring with our identity theft protection suite. Because these types of loans don’t show up on your credit report, it’s essential to have this monitoring feature to help protect your credit. 

IDSeal monitors 23 top payday lenders for fraudulent loans being opened in your name. We even monitor “Buy Here-Pay Here” auto loans and monitor rent-to-own inquiries, too. When you sign up for IDSeal, we can look back two years and will show any alternative loans that have been opened. Then, we’ll continue to monitor as long as you’re a member.

When times are tough, fraudsters become desperate, and we don’t want that desperation to turn into a tainted credit file and aggravation for you. 

To learn more about IDSeal’s full-spectrum protection plans and get protected, go to our protection and plans page. If you’re already a subscriber, you can rest assured that we’re monitoring this for you! 

1It is not possible to prevent all identity theft or cybercrime, or to effectively monitor all activity on the internet. IDSeal cannot and does not guarantee complete protection against cybercrime or identity theft. IDSeal does not monitor the activities of all financial institutions, or all activities of any particular financial institution. Review the IDSeal Terms and Conditions for specific details regarding IDSeal services.

2The Identity Theft Insurance is underwritten and administered by American Bankers Insurance Company of Florida, an Assurant company under group or blanket policy(ies). The description provided in the Summary of Benefits is a summary and intended for informational purposes only and does not include all terms, conditions and exclusions of the policies described. Please refer to the actual policies for terms, conditions, and exclusions of coverage. Coverage may not be available in all jurisdictions. Review the Summary of Benefits.

3Recurring pricing shown excludes applicable sales tax. By enrolling as an IDSeal member under any plan, you authorize IDSeal to charge your payment method (credit/debit card) on a recurring basis for the fees associated with your membership plan. Review the IDSeal Terms and Conditions for important information regarding your membership, including your membership term, and your right to cancel; and review the IDSeal Privacy Policy for information regarding how IDSeal collects and processes your information.

4The credit scores provided are VantageScore 3.0 credit scores based on data from Equifax®, Experian® and TransUnion®. Any one bureau VantageScore mentioned is based on Experian data only. Please see the IDSeal Terms and Conditions for more information on credit scores.

5IDSeal Pro-Tec provides tools and resources to protect your data and identity, but no one can prevent all cybercrime or identity theft. Your own efforts are important to prevent unauthorized access to your personal information.

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