How much does credit monitoring cost?

Credit monitoring services can track and alert you of potential fraud on your credit reports, but many programs charge a monthly fee.

While there are free credit monitoring services, they often have fewer features and protections than paid services. You should consider paying for a credit monitoring service if you want more comprehensive coverage.

Here's how much credit monitoring costs and questions to consider if you're trying to decide if it's worth paying a monthly fee.

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As you build your credit, you may become vulnerable to issues like identity theft or inaccurate reporting. This is where credit monitoring can come in.

Credit monitoring services offer a variety of features that can help you spot fraud early by continuously tracking your credit report and alerting you to any changes or potential issues. When you enroll in a credit monitoring service, you gain access to your credit report from one or more of the major credit bureaus — Experian, TransUnion and Equifax.

The service monitors your credit activity in real-time, sending you alerts for significant changes such as new accounts opened in your name, late payments or fluctuations in your credit score.

Credit monitoring costs vary by the service you choose. The two main types of credit monitoring services are basic and premium. Basic services are free and don't require a credit card at sign-up, whereas premium services cost anywhere from $8.99 to $39.95 per month.

With so many free services available, you may wonder if paying for a credit monitoring service is worth the cost. You should compare the features offered when deciding between a free or paid service.

For example, compare CreditWise® from Capital One (free) to IdentityForce® ($19.90 per month or $199.90 per year). These services are some of our top picks for the best free and paid credit monitoring services, respectively.

Both services monitor changes to your credit report and provide dark web scanning and social security number tracking. But beyond that, the services are significantly different.

IdentityForce UltraSecure+Credit offers dozens of additional features, including:

• Three-bureau credit monitoring (CreditWise only looks at your TransUnion and Experian credit reports).
• Alerts for potential fraud on your bank, credit card and investment accounts, plus use of your medical ID, social security number and address.
• Identity theft insurance up to $1 million, which helps cover expenses if you have to deal with fallout from identity theft.

The additional services you receive with IdentityForce UltraSecure+Credit may be enough for you to warrant paying $19.90 a month. After all, it's important to monitor reports from all three credit bureaus and you can't do that with a free service. Plus, identity theft insurance has a high value and can come in handy if you're a victim of fraud.

But if you already actively monitor all of your credit reports, a free service like CreditWise is still very helpful. You can also sign up for more than one free service to maximize your coverage.

It's important to note that credit monitoring services don't prevent fraud or identity theft, but give you early notice of suspicious activity and may provide assistance or insurance for eligible expenses associated with resolving identity theft.

Credit monitoring services can be worth the cost if you take action after getting notice of possible fraudulent activity on your credit report. If you disregard the notice, you're paying for a service you're not using and it may be better to opt for a free service.

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every credit monitoring article is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of credit monitoring products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.

To learn more about IdentityForce®, visit their website.