Why you should obtain a copy of your credit report
It’s a simple fact some credit reports will contain errors due to the sheer amount of data now held about us all.
You may already be one thousands of us who in the past have found errors in our bank and credit card and other financial statements, some lenders do make mistakes from time to time due to simple human error.
When they report your balances and limits to the credit agencies each month, these errors can be transferred as the agencies have no way of checking the accuracy of each record – the data belongs to lenders, not them, they simply hold it and report it errors included.
For this reason you have a statutory right to have credit report errors corrected quickly and free of charge, so it makes sense to check your credit report regularly especially in the period of financial instability. Unless the information held about you is correct, you may be declined credit altogether or may pay more in interest on credit card’s loans and mortgages and as you know a higher interest rate can cost you thousands even tens of thousands over the term of your mortgage.
Checking your credit report regularly is also important tool in the fight against identity theft Britain’s fastest growing white collar crime. You can see if there are any searches or accounts that you don’t recognise as yours, and identify quickly if someone has been applying for credit in your name.
If you’ve already been declined credit you can check your credit report to see the information that a lender would see. Your credit report and the application form you submit are the main sources of information that a lender will base their decision upon.
Credit checks are also regularly performed when you apply to rent a house, flat and, in some cases, by employers when it’s required by law before giving you a new job.
Services like the Credit Expert from Experian will monitor your file and alert you of any suspicious activity that may arise, you can sign up to a 30 Day Free Trial of Credit Expert today by clicking here.
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