Free Credit Report compared
Your guide to all Free Credit Report
A Free Credit Report enables you to view the same data that your lenders see when considering whether to lend to you or not. Give yourself that advantage by obtaining your Free Credit Report online today. Moreover, there may be bad credit entries on your report that are incorrect which you can dispute and have removed. By doing this you can raise your credit rating.
Revealed: What banks and credit report agencies really know about you and your credit
New information has been revealed to consumers on the information that lenders and credit report agencies know about their finances.
The information has been released through various media on the Internet in the hope of drumming up awareness about consumer credit, credit ratings and how they are determined. You can discover your credit rating through a free credit report.
Dependent on the type of financial company that is trying to determine a credit rating, it is understood that the methods used to obtain information are different. Some lenders pair up with credit companies that specialise in determining a consumer's credit.
Some of the companies that specialise in determining consumer credit ratings include such websites like Experian.
Websites like these offer free trials instead of paying a hefty annual membership fee, with it being recommend that you register for a free trial to download your credit file and then deactivate your account once you have obtained it.
Aside from information that is publicly available, like your presence on the electoral roll (a move highly recommended if you are looking to seek credit), CCJs and any declarations of bankruptcy, information on rival lenders who have also enquired in more depth about your credit following a claim. Plus, they can even have access to mortgage, loan and credit card payments amongst other things.
In the past few months and as we began to edge into 2009, such companies that compiled a credit rating had access to even more information. It is understood that very few consumers knew that intimate details from accounts with services from Barclaycard, Capital One and HBOS amongst others were being shared with credit companies.
The thorough detail that credit rating companies can go into is believed to be impressive. It is understood that credit ratings cannot only be determined on repayments paid frequently and repayments missed – but whether the contributions were at the minimal base rate or higher than that.
There is some light for people who are worrying about their entire credit history being out in the open. Information like student loans, loans for bad credit, financial help from the Child Support Agency, salaries, savings accounts and missed payments older than six years old are not supplied to banks as they are not a result of credit.
It is better to think of the opportunity for such credit rating companies to compile a comprehensive credit profile about you as a positive one. After all, they can give you detailed analysis on why or why not a lender may be refusing you credit.