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In today’s world, we are constantly bombarded with advertisements for quick cash and free credit scores. Credit reports are a necessary when buying a home, car, and other big expenses that will require a loan. Knowing the information that the creditors will see on your report can make a huge difference in the amount of money you will receive or if you will receive a loan at all.
Making sure your credit report is accurate before giving a lending agency permission to obtain it can save you time and aggravation during the process. When you request a credit report, you should know what the information on it represents and how it will impact the goals you are trying to reach. We’ve looked at the various things that can be found on your credit report below:
This information does not contribute to your credit score. It is used to identify you. Details include:
Your credit accounts include past and previous credit interactions. Every agency that you have established credit with reports the following information:
This is a list of everyone who you have given permission to run your credit report in the last two years. There are two types of searches that will appear on the list.
When reviewing this information, you want to pay attention to involuntary inquiries -make sure that no one has run a report without your permission. If you do not recognise a name that is listed, make sure that you follow up and find out who they are and why they ran an inquiry.
This information is available from public records that are obtained by county courts and from collection agencies. The details include:
If you want to check your credit report, some companies may charge you a monthly subscription. If you want to check for free, Experian and Credit Karma let you do this. They can also offer advice on building up your credit score and improving it.
If you spot any errors on your credit report, you should contact the lender directly and explain the situation. Always remember to provide as much evidence as possible to ensure a quick resolution.
If the lender has been reporting accurate information, you may need to contact the Credit Reference Agencies directly. The main three agencies in the UK are Experian, Equifax and TransUnion.
If your credit score isn’t in the best shape, there are a number of ways you can improve it.
Your first step should be to ensure that there are no errors on your credit report (above).
You can then:
For more information, take a look at our tips on fixing your credit score.
If you find that information is incorrect or has not been updated, you must ensure that it gets updated. You can do this by contacting the original lender or agency and request that they send the updated information so your report will be corrected accurately. Don’t trust that this will happen automatically, follow-up will likely be necessary to make sure that it is taken care of appropriately.
Knowing what information will appear on your credit report will prepare you to answer any questions that lending agencies will require you to answer accurately. It will also allow you to make sure that all of the information is accurate. If you are planning on making a big purchase that will require a loan, a credit report will almost certainly be required. Understanding the information provided and what your score actually means in relation to your ability to receive a loan is important.
For a payday loan or a short term loan, contact us for more information.