As a fellow small business owner with over 15 years of experience in cybersecurity and identity protection, I know how damaging identity theft and credit fraud can be. I‘ve seen the financial and reputational destruction firsthand.
That‘s why having a comprehensive credit monitoring service in place is so critical.
In this detailed guide, I‘ll share my top recommendations for credit monitoring tailored to small business needs. I‘ve done extensive research and testing on all the options – you can trust my advice.
Here‘s what we‘ll cover:
- Shocking statistics on identity theft every small business owner should know
- Costly impacts of business credit fraud
- 6 best credit monitoring services for full protection
- Key factors to choosing the right service
- My #1 recommendation
Let‘s dive in!
Contents
Staggering Identity Theft Statistics
Before we get into the best credit monitoring services, I want to share some alarming stats around identity theft.
According to the Federal Trade Commission‘s 2020 Consumer Sentinel Network Report:
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4.7 million cases of identity theft and credit fraud were reported in 2020 alone. That‘s a shocking number!
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Losses related to identity theft totaled $3.3 billion. And that‘s only the reported cases.
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Credit card fraud was the most common type – making up 25% of reported identity theft.
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Government documents and benefits fraud followed at 18% of incidents.
As you can see, threats to your personal and business finances are increasing every year. No one is immune.
You might think "it won‘t happen to me" or that your business is too small to be targeted. But that‘s the wrong mentality.
The truth is identity thieves look for easy targets and vulnerabilities. Small businesses often have fewer resources dedicated to cybersecurity and credit monitoring compared to large enterprises.
Don‘t let your business be an easy target!
Costly Damage of Identity Theft for Small Businesses
Now, let‘s discuss the real-world impacts of identity theft and credit fraud specifically for small business owners like you and me.
While the direct financial losses are bad enough, ranging from thousands to hundreds of thousands of dollars stolen, the indirect damage can be just as devastating:
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Ruined business credit scores making it impossible to secure financing or open new accounts
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Higher insurance and loan rates thanks to destroyed creditworthiness
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Lost sales from not being able to accept customer payments
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Legal and accounting fees to help resolve instances of fraud
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Reputational harm when customers and partners lose trust
According to a report by Ponemon Institute, the average cost of identity theft for small businesses was $200,000 in 2020.
For a small business, that type of massive financial hit can be lethal.
And fixing identity theft is not fast or easy for businesses. The Ponemon report found it takes victims 32 hours on average to resolve each incident. That‘s a ton of wasted time you could otherwise spend growing your company.
The risks and consequences here should have you seriously considering proactive credit monitoring. Don‘t wait until the damage is already done.
Top 6 Credit Monitoring Services for Small Businesses
Alright, now that I‘ve scared you enough, let‘s talk about solutions!
Here are my top 6 recommendations for credit monitoring and identity protection services tailored for small business owners based on features, pricing, and overall value:
1. Aura – Best Overall Credit Monitoring Solution
Out of all the options I researched, Aura stands out as the most comprehensive and reasonably priced service.
Some of the key features you get with Aura:
- Monitoring of all three credit bureau reports (Experian, Equifax, and TransUnion)
- Daily credit score tracking so you always know where you stand
- Dark web scans to check if your credentials are compromised
- Bank and credit account activity alerts for real-time fraud detection
- Ability to instantly freeze credit files with the major bureaus
- Up to $1 million identity theft insurance to cover costs of stolen funds or fraud
I also love that Aura goes beyond standard credit monitoring to provide additional layers of protection:
- VPN to encrypt connections and browse anonymously
- Antivirus software for threat protection
- WiFi security when accessing public networks
This combination of financial monitoring, identity protection, and device security is exactly what small businesses need.
Pricing is also very affordable compared to competitors:
- Individual plan – $9/month
- Family plan (up to 10 people) – $25/month
In my experience testing credit monitoring services, Aura comes out on top with their robust feature set and reasonable pricing. Their family plan covers your whole team for less than $3 per person.
That‘s why I give Aura a 5 out of 5 star rating. Their platform simply can‘t be beat when it comes to protecting your business finances and identity.
2. IdentityForce – Solid TransUnion Monitoring
IdentityForce is another leading credit monitoring service I recommend that‘s backed by TransUnion.
Standout features include:
- Ongoing 3-bureau credit monitoring
- Dark web surveillance for compromised data
- Credit lock capabilities
- vCredit credit scores (TransUnion‘s score model)
- Up to $1 million identity theft insurance
One advantage of IdentityForce is you get access to vCredit scores, based on TransUnion‘s own scoring model. Many lenders use these scores, so checking them regularly is beneficial.
Pricing breakdown:
- Individual plan – $14.95/month
- Family plan – $24.95/month
Solid option if you want comprehensive monitoring coupled with TransUnion‘s proprietary credit data and tools.
3. LifeLock – Popular Norton Bundle
If Norton security products are already part of your business tech stack, then LifeLock is a great bundled solution.
Highlights of LifeLock credit monitoring:
- Monitoring of all three credit bureau reports
- Dark web scanning tools
- Ability to lock/unlock credit reports
- Up to $1 million identity theft insurance
Added benefits include Norton AntiVirus software and secure VPN for all devices.
Here‘s how LifeLock‘s pricing breaks down:
- Standard plan – $9.99/month (1 bureau only)
- Advantage plan – $19.99/month
- Ultimate Plus plan – $29.99/month (recommended for business protection)
LifeLock is best for businesses utilizing Norton products who want the convenience of a bundled solution. You can often save money versus purchasing Norton and LifeLock separately.
4. Experian IdentityWorks – Direct Experian Access
For direct access to Experian credit reports and FICO scores, IdentityWorks is a great choice.
Key features include:
- Daily Experian credit report monitoring
- Regular Experian FICO score updates
- Dark web surveillance for compromised data
- Instant locking/unlocking of Experian credit report
- Up to $1 million identity theft insurance
Having 24/7 visibility into your Experian credit report and FICO score can help you nip fraud in the bud.
Pricing overview:
- Individual plan – $19.99/month
- Family plan – $29.99/month
If you want direct integration with Experian data, IdentityWorks is a solid contender. FICO scores are still widely used by lenders as well.
5. Identity Guard – Budget-Friendly Option
For small businesses on a tight budget, Identity Guard provides robust credit monitoring starting at just $6.67 per month.
You get the following protections:
- Monitoring of all three credit bureau reports
- Dark web surveillance for compromised data
- Alerts for high-risk transactions
- Up to $1 million identity theft insurance
Affordable pricing:
- Individual plan – $6.67/month when billed annually
- Family plan – $11.67/month when billed annually
While light on extra features, Identity Guard supplies the credit monitoring essentials at a budget-friendly price.
6. Credit Sesame – Free Basic Monitoring
If you want a no-cost way to monitor your business credit, Credit Sesame offers useful credit tracking features at no charge:
- Ongoing monitoring of your TransUnion credit report
- Analysis of credit score factors
- Dark web surveillance
- Fraud alerts
Downsides are you only get one bureau (TransUnion) and no extras like insurance or credit locks.
But for basic monitoring, Credit Sesame is a decent free option. Just know you aren‘t getting the full protection of a paid service.
How I Evaluate Credit Monitoring Services
When reviewing all the credit monitoring services out there, here are the key factors I look at:
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Comprehensive credit bureau monitoring – Are all 3 major credit reports covered?
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Useful real-time alerts – Will you be notified quickly of any suspicious or fraudulent activity?
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Credit lock capabilities – Can you instantly lock your credit reports when necessary?
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Dark web surveillance – Are your credentials and accounts monitored for compromise?
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Educational resources – Are there tools to learn more about credit protection best practices?
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Customer service – Is there U.S-based support and fraud resolution experts?
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Value for money – Do the features justify the monthly or annual cost?
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Extra features – Does the service include bonuses like cybersecurity software for enhanced protection?
I determine overall ratings based on how each service stacks up across these criteria. My goal is to give small business owners like you straightforward recommendations for complete credit monitoring protection.
My #1 Recommendation
After extensive testing and research, my top recommendation is Aura for its unbeatable combination of financial monitoring, identity protection, and device security.
The affordable pricing also makes comprehensive protection achievable for small business budgets.
While you can‘t go wrong with any of the top six services featured, I believe Aura should be the #1 consideration for any small business owner serious about safeguarding their credit and finances in 2024.
Don‘t wait to get proper monitoring in place. As a fellow small business owner, I urge you to proactively defend yourself against the growing threats of identity theft and credit fraud.
The small monthly investment in a service like Aura is well worth it for the peace of mind and protection it provides your business. Don‘t let cybercriminals target your livelihood.
I hope this detailed guide gives you confidence in choosing the best credit monitoring service for your unique small business needs and budget. Please reach out if you have any other questions!
Jeremy
Cybersecurity Expert & Small Business Owner
