(FinancialHealth.net) – Do you scan every bill you receive each month for fraudulent charges, hidden fees, and mistakes? If you’re like most people, you don’t have the time or patience to meticulously examine each bill you receive. Unfortunately, if you don’t review your bill thoroughly, it could be costing you money. Enter BillGuard: the app that’s designed to alert you to overcharges, scams, fraudulent charges, billing errors, and hidden fees that could be hiding on your credit card bills.
According to BillGuard, the service has identified approximately $50 million in suspicious charges for its customers. That’s a lot of money! But how does BillGuard work and how does it benefit you?
The Better Business Bureau says that “grey charges” are a huge problem. Grey charges are charges that occur when a free trial becomes a paid subscription, third-party magazine subscription renewal service, a company billing you twice for the same product or service, or monthly fees for services or product, such as your monthly gym membership, slowly creep up year after year without you realizing it.
According to BillGuard, approximately one in four Americans fall victim to grey charges, and protecting your account from these charges is only one way the company protects you from costly billing errors. If a charge that BillGuard deems as a grey charge appears on your credit card account, you’re alerted immediately so that you can contact the company and rectify the situation.
The service also works to identify fraudulent charges or charges that could be considered scams. It does this by keeping track of every transaction that users flag. If a charge appears on your account that’s similar to a charge that’s been flagged by other users, you’ll receive a notification. Of course, BillGuard also looks for charges that weren’t likely made by you such as out-of-state purchases.
In addition to scanning your credit card charges for anything that looks suspicious, BillGuard send you a monthly scan report. This report allows you to scan through your charges quickly, looking for anything that BillGuard may have missed by mistake.
You can also use BillGuard to help you budget. Similar to Mint.com, BillGuard allows you to allocate money into specific categories such as groceries, clothing, household bills, and mortgage payments.
Unless you have the time to manually review each and every bill that you receive each month, you should consider using BillGuard to protect yourself from costly billing errors.
~Here’s to Your Financial Health!
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