I wonder about that too. I was told by a bank manager, that "Each time a company runs a credit check, your credit rating is effected" and "Don't let a car dealer run a credit check on you, until you are 100% sure you are going to buy the car, and buy it from them".
I don't know if "monitoring" is the same as "checking", but nevertheless, it's just one of many reasons why I won't even consider using CreditAlert.