You Must Be Looking At Your Free Credit Report Whenever You Request Further Credit
Please note that views and recommendations made by guest authors are not necessarily endorsed by Kill My Debts Now. This site takes no responsibility for the results of your actions or inactions taken as a result of reading any post.
With the current worldwide financial climate being in such turmoil, finding difficult to come by. But many potential borrowers don’t realise the importance of checking a credit report from one of the major credit reference agencies.
Without your realizing it, your credit report might be presenting facts that may hinder your ability to take out further credit. Some of this may not even be your fault. Worse still, it may even uncover that you have been the victim of identity theft!
Those people that have been rejected for credit that they have applied for should certainly apply for their credit report data from at least one of the major credit reference agencies, such as Equifax. If you have been declined credit, ask the lender who refused you which of the agencies they were using when they credit vetted you and their contact details. Then write to them asking for a copy of your credit file.
It is a good idea to ask for a copy of your credit file before applying for further credit so that any errors, or omissions, can be amended before you apply. This could prevent a rejection, which would also be recorded on your credit file and might count against you in any future application.
If you don’t already know how to check credit reports for yourself, then it is very easy to do. The major credit reference agencies will offer a free service if you write to them and ask them for the details and there are many online services doing the same. As an early identity theft detection method, you can also join schemes whereby you are notified when certain changes occur on your credit reference file. This would alert you to sudden huge loan applications if someone was trying to steal your identity.
The free credit reports don’t tell you exactly how the lenders will score you, but they give you a good basis for reviewing what they are likely to be taking into account. In addition, lenders will also score you on other questions that they ask, such as your history with that lender, your annual household earnings and other details they ask you to include.
Your credit report shouldn’t have information for anyone else living within your house, but it will have details of who the credit reference agency assumes are financially related to you, for example husband or wife. If this information is wrong, then it can be worth getting it corrected.
For example, if your husband doesn’t share the same surname as you, but has a better credit rating than you, then you may improve your credit rating by identifying yourselves as being financially related.
On the other hand, if parents and non-dependent child, or others sharing a surname, reside together and aren’t financially related, it is worth checking that there isn’t a financial relationship being reported, in case they have a worse credit rating.
P.S. Watch this real case how do I get out of debt video.
Follow these links for more information: why to check free credit reports, how to check credit reports