Free Credit Reports Online.

Introduction.

If you’ve recently applied for a loan or a credit card and been turned down you ought to get a free credit report and check your credit history. Quite often loan companies will not give you a reason as to why they’ve rejected your application; and the only way you can stand any chance of finding out is to get and read a copy of your credit history. The major finance companies like Experian and Equifax are obliged by law to give you one free credit report a year, so as you’re entitled to it - you might as well have it.

What will a free credit report tell me?

Quite simply a free credit report will set out for you your credit history, listing all the loans and credit cards you got and how well you’ve kept up with any repayments. According to how well you’ve repaid any loans or the monthly balances on your credit cards you get a credit score. The higher your credit score - the better your credit history will be. However, your credit score isn’t included in the free credit report; you’ll have to pay a small fee to also see that. Basically you’ll have either a good or bad credit report according to how well you’ve kept clear of going into debt. For example, someone who has repaid any loans in full and ahead of the repayment schedule or always pays off their credit card at the end of the month will have a really good credit report. Anyone that constantly misses repayments or, worse, defaults completely on a loan will have a poor credit history on their free credit report.

I’ve never been in debt - so why should I have a free credit report?

First - you’re entitled to an annual free credit report. Secondly getting a free credit report online takes no time at all and might inform you about something you need to be wary of. Your free credit report will also show any loan or credit card applications that have made and rejected. Unfortunately, these days ID theft is becoming more and more of an issue. So, by having a free credit report online run for you - you can see if anyone is trying to get loans or credit cards in your name.