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Avail free credit report by post once a year

By Faye Mergel
Published: Sunday, December 5th, 2010

Customers can avail a free credit report once a year via post and it is absolutely free, safe and secure.  However, the customers must make the requisition from any of the three credit reporting agencies to avail the same.  The significance of the credit report is certainly undeniable as the credit reports generate credit scores.  This is very important especially while availing mortgage loans from lending agencies.  These lending agencies as well as other financial institutions lend only after thoroughly verifying credit reports.  Individuals with a good credit score will be able to avail loans easily while a person whose FICO score is below 580 will be refused a loan by almost all lending agencies as these will reflect arrears, defaults, late payments, bankruptcies, less payment etc.  Hence the lenders will not be willing to take such a risk by lending to these individuals.

Hence it would be essential to keep track of one’s credit scores by obtaining the credit report once a year.  This will enable the customer to keep track of all the financial transactions.  These credit reports will help in assessing the amount of loans pending, the loans that have been cleared, reimbursements, and who the creditors are etc.  This piece of information is valuable and informative and it will help in making assessments.

Credit reports however, are not free of errors.  The three major credit reporting agencies are Trans Union, Equifax as well as Experian.  These credit reporting agencies basically gather all the personal information about the customer such as the history of repayment, late payment, non-payment, less payment and other payment habits etc.  This bit of information is obtained by them from the issuers such as banks and financial institutions.  Based on this information they prepare the credit report which is then supplied to other agencies for a fee.

If there are errors in the credit report customers must report this to the concerned agency immediately and they are obligated to make the necessary changes or corrections and then send the file back to the lending agency within 30 days.  They cannot keep an incorrect report on their systems and that needs to be withdrawn immediately until further corrections are made.

Getting the credit report is useful for the customer as he/she can make the necessary changes if there has been a financial mess that has been created due to poor payment history.

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