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Credit Report & Score

What is a credit report?

A credit report in simple terms refers to information on whether you have been paying all your credit card dues on time. Your credit report also states how many times you have been bankrupt as well as how many times you have been sued. There are many consumer reporting companies that sell information about your credit report to various agencies and individuals including creditors, insurance companies and other business. For example in the UK, Credit Report Agency is the first company that started providing credit report services to the British citizens. These organizations and individuals use the credit report information to evaluate your applications for loan or credit. Hence in case you want to request for your free credit report, the credit report companies in the UK normally setup a website which has a toll free 24 hours telephone number and a mailing address on which you can request your credit report. You can also fill in a request credit report form on the website and the authorities will get back to you.

Reports from only legal companies

There have been many cases of frauds on other websites which claim that they will provide you credit report. However it is advisable that you donít fall in the trap and order your credit report only from only official companies. Other websites that claim to provide you free credit reports are not a part of the free mandated annual credit program. Though many sites mention that they will provide you a credit report free of cost you may have to pay the money after the trial period. Hence if you donít cancel your subscription before the trial period gets over the company might begin charging you. Hence the best thing would be to order your credit report only from official organisations issuing credit reports.

Also beware of spam mails that claim to give you free credit report information. These mails are probably scams. So only make an application through the official common website for your credit report. You have to provide your name, address, telephone number and social security number when you make an application for a credit report. In case you have changed your residence in the last few years then you have to also mention your previous residential address in the application. To verify your details the company may ask you further information that you only know like your monthly mortgage payment. Each company may ask you different information as per the companyís policies. Also the companies have procured information from different sources and so would test information from thee sources. Hence you must make sure that the information that you enter in the application is accurate and up to date.

The main purpose your credit report is that it enables you to get a loan. Your credit report has information that affects whether you will get a loan when you apply for it to an organization. Your credit report also may help the loan firms to decide how much principal amount you have to pay to borrow money. Hence you require a copy of the credit report to make sure that the information is accurate, complete and up-to-date before you fill in the application for the loan for a major purchase like a car or a house.



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