Credit Reports And Credit Report Checks

When Should I Obtain My Credit Reports

You can carry out your own credit card credit check by requesting a copy of your credit history report (Uk) or credit score (US).

This is important, since your credit score report will contain vital information about your credit card history and you need to be sure that any credit information is accurate.

If there are any errors on your credit history files, you are then in a position to launch a credit report dispute.

It is advisable that you do a credit card check at the very least, every year or so and especially if you plan to apply for any further credit card credit or other type of finance. You should also do a credit check prior to making any large transactions or even before changing your job.

Ideally, you should check with all three of the main credit reference agencies, just to be sure that any error on one file does not later transmit to the others. Though there may be slight variations in the way you get credit report scores, from country to country, the procedure is in general, more or less the same.

How To Check My Credit Reports Uk

It is always good to know what your credit card score is and especially if you are thinking about applying for further credit. Anyone who uses credit is entitled to do credit checks on their credit rating, by obtaining the relevant credit information being held on them.

Under the Consumer Credit Act 1974 in the UK for instance, you have a statutory right to access your credit reference files. There are two ways you can get a credit report (UK). First, you can request your credit history in writing from one of the three main credit reference agencies, by providing them with details of your previous addresses, name change etc.,

Requesting your credit history will incur a small fee in the region of approximately £2 (cheque or Postal Order, which you should enclose with your request), for each credit reference agency you submit your request to.

Secondly, it is worthwhile noting that you can also do a credit card check of your credit history files, by way of an online credit report. This route will be more costly but there is absolutely no reason you should pursue this option, since you will be able to access all your credit card credit files without this additional cost.

you can take advantage of the service to do a free credit card credit check without parting with your hard earned cash. Here's how. Many of the free online credit report checks or credit monitoring services will offer a free 30 day trial. You will however, be requested to provide your credit card details or to complete direct debit so they can take payment from you for the service on an ongoing basis.

Once you've signed up you can simply use the free trial to access your credit history and then cancel the direct debit immediately you have done so. If you don't cancel instantly, you run the risk of forgetting and will be debited after the 30 day free trial period.

Credit Reports US

Under the federal Fact Act (US), each person is entitled to obtain a free copy of their annual credit history from each of the three main credit bureaus (US) - Equifax, Experian and TransUnion. There is also the option of getting a free Experian credit report online.

In special circumstances, you can additionally obtain a copy of your credit record at any time. For instance, if you have reason to believe your file contains information of a nature that might indicate fraud or identity theft.

You are also entitled to a free copy of your credit report, from the credit reporting agency used by any lending institution that turns you down for credit. You will need to apply to the agency that evaluated your credit within a 60 day time frame.

The procedure for Canada is slightly different, in that there is a free government publication - 'Understanding Your Credit Report And Credit Score', which you can obtain at:

The publication is free to Canadian residents and you will be able to order a copy.

You may request copies of your credit score reports from each of the three main credit reference agencies. Once you have had a chance to scrutinize the credit information held on file, you will be better informed as to the accuracy of the data contained in your credit score history.

If any of the credit information in your credit score report is inaccurate or is not relevant, you must dispute any these inaccuracies in writing and ensure that your credit score files are amended accordingly. In any case, knowing the state of your credit history report is a good incentive for you to set about improving your credit score

The content on this site is purely for information purposes only and is not intended to replace your seeking professional financial advice.

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