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When
do finance companies check credit
reports?
- When
someone applies for a credit card,
his or her credit report will be
searched by the credit card
provider.
- When
someone applies for a loan, their
credit report is searched by the
loan provider
- When
someone applies for a mortgage,
their credit report is searched by
the mortgage provider
- When
someone applies for a mobile phone,
their credit report is searched by
the provider
- When
someone applies for a car finance
loan, their credit report is
searched by the loan provider
So
why should you
check
your
credit report?
If anything in your report is out of
date or gives a misleading picture of
your willingness or ability to repay a
loan, mortgage or credit card it can
affect your chances of getting the best
prices or deals.
It can
in some circumstances even lead to
outright rejection by lenders even when
you are completely credit worthy.
For example,
- you
may have separated from a partner
who has since run up debts but,
because you have still got a joint
account, his or her payment
behaviour could be affecting you.
- you
may have shopped around for the best
offer, without realising you're your
enquiries have actually been
registered as multiple applications
for loans which could effect your
perceived credit worthiness.
You
could even discover applications and
credit accounts in your name that you
did not ask for which could indicate
your identity may have been used
fraudulently. If you find anything you
disagree with or would like to clarify
the circumstances surrounding an entry,
you can put the record straight.
Taking a free
credit check now could actually help you
to pay less for finance, so don't
delay ... save money now and in the
future by keeping you credit record up
to date.
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