Why check my credit report?
Four reasons why you should get a credit report...
Your credit report is not only a record of your personal financial history, but is the key to your financial future, so it is important that it is kept up to date.
If you check your credit report regularly, you can greatly improve your chances of being accepted for a loan, credit card or mortgage and protect yourself against identity fraud.
Below are the top four reasons why you should check your credit report:
1. You want to apply for a credit card, loan or mortgageLenders use the information in your credit report, alongside the data on your application form, when they decide whether to offer you credit. Checking your report first means that you can ensure that it accurately reflects your circumstances, which increases your chances of getting the deals you want.
2. You’ve been refused credit by a lenderLenders sometimes reject an application if they believe you have outstanding loans, are over-extended or have missed repayments in the past. The credit history of someone you share an account with can also affect your chances as can whether you are registered to vote or not (lenders use this information as a precaution against fraud, to check that you are who you say and live at the address you have given). When you have identified any potential problems, then you can take action, for example, pay off a loans and/or register to vote.
3. You’re concerned about identity theftBy checking your credit report regularly, you’ll see if there is anything wrong, such as a loan you don't know about or an application for credit that you haven’t made and stop the fraudster before they get any further.
4. You want to check that the information on your report is accurateIf you disagree with anything on your credit report, or think it needs explaining in more detail, you can set the record straight. For example, if illness caused you to miss a payment but this has never happened before or since, you can add a note explaining the circumstances.
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THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.