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Credit Report Advice-Should you trust a free credit report?

By Andy Snyder
Published: Sunday, January 24th, 2010

Credit reports hold the key for any and all of your future investments. Any creditor or lender has to first check your credit report to take a decision regarding your loan application. Credit is basically the money given by a creditor to a borrower with the promise that the borrower will repay the money through periodic repayments without any delay in the payments. These payments are known as instalments. Therefore, for a creditor to be assured of your paying the money back, he needs to know you financially. This information is present in the credit report.

A credit report will hold all the credit history of a person. It will have entries corresponding to each and every credit a person has taken along with details regarding payments with special attention given to any late payments. Any amount due will be mentioned clearly as will charged off accounts.

As can be seen the creditor has to just take a look at your credit score and he can decide whether to provide you with the new credit or not. Credit history affects your job prospects as well. Therefore, credit repair plays a huge role. Credit repair is when a person takes personal interest in his credit report and finances and sets about to repair the damage and improve his credit history. The first step of credit repair consists of constant monitoring of the credit report. The government of the United States of America has passed a law stating that every citizen is entitled to three copies of credit reports, one from each of the three main agencies. You can get the free report from AnnualCreditReport.com

However, you can also get free credit reports from other sites online. It is almost impossible to go anywhere without seeing the message free credit reports posted. However, the question remains. Is this service safe and reliable? Can I trust the free credit report? The answer is yes, you can. However, you will need to take a few precautions.

Just as with any other product, you need to do your research. There are many sites selling free credit reports online. You will need to go through each of these sites and find the ones you feel are reliable. You can also get an idea about different sites from dedicated consumer sites. In the forums of these sites, different free credit report sites will be discussed and you can make a decision based on other people’s experiences.

Choose good sites that are up to the industry standards. Choose sites that know what the customer needs and serves these needs. Good sites provide you with relevant information and relevant advice that will really help you. If possible, also check for feedback. Good companies always have positive feedback. The tips that these companies will really work and help you manage your credit effectively. Many companies might offer free credit reports but automatically sign you up for a different paid service. They are still offering credit reports but are also charging you for the service they offer. Good free credit report sites are present in the market today and can be made use of.

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