0

Free Credit Report: Why One Must Monitor His Credit Report

It is one of the standing norms in the finance market that the finance agencies verify credit history of the loan seekers and that, for most of the cases, they turn down the loan application submitted by those persons whose credit score has gone below 600 marks as per FICO. A person may encounter same experience if he is in search of an apartment. If his credit report has been stained with features like defaults, arrears, less payment, late payment etc, his application for employment may be rejected by the employers. Even, it is possible that he will not be allowed to purchase an insurance policy by the insurance companies. On the other hand, a person can have an access to free credit report.

Credit report is prepared by the financial bureaus of which Experian, Trans Union and Equifax are the most prominent. The financial bureaus acquire information of finance transactions by a person and they acquire the information in details for creating his credit report. As the credit report contains his financial activities, it is possible to find credit score of the person. The lower the credit score of a person is, the more inconvenience he will face in the finance or job market. He will also face hindrances in securing a suitable accommodation. Why should not a person get his credit report when free credit report is available?

Credit report prepared by the staff of the financial bureaus may not be free from errors and errors in the credit report of a person may disfavor him. It may happen that some figures related to payments that he has made in appropriate time have not been entered when his credit report was in the process of preparation. This can reduce his credit score because of which a lender may refuse him when he is badly in need of finance. He can secure free credit report and check the one if there is any mistakes. If mistakes are detected, he can immediately request the financial bureaus to take action so that his credit report becomes free from errors. In the changed condition, he may be eligible for finance or employment, if his credit report describes his credit performance as appreciable.

If he finds that there are no errors in his credit report, he can prepare to make progress in his credit history. It is possible for a person to get his free credit report, because he has been, by the laws of the land, given the right to have an access to his credit score at least once in a year and without spending a single cent.

Alice Marlen is author of Free Credit Report No Fee.For more Information about Credit report check for landlords, annual credit report uk visit http://www.freecreditreportnofee.co.uk