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!