A person should know that financial bureaus create their credit report. Most prominent among the financial bureaus are Equifax, Experian and Trans Union. The financial bureaus acquire information about his financial activities, especially about those activities that relate to borrowing and reimbursement. The lending agencies from which he has borrowed loans, terms and condition for the loans, records of his repayment, records of arrears/defaults/miss-repayment etc are gathered by the financial bureaus. They use these materials to create the credit report of the person. One should secure one’s credit report and it is possible as free trial credit report is available.
Credit report of the person is very important, because credit score is calculated on the basis of the data provided in the credit report. If the person is tagged with late payment, less payment, arrears, defaults, bankruptcy etc, his credit score goes below 600 marks as per FICO, and he becomes bad credit holder. A bad credit holder has many disadvantages. A landlord does not want to take him as his tenant. He will not be entertained by an employer if he looks for a job. The finance agencies, generally, turn down his loan application. Hence, he should secure his credit report to know if his credit score is not good enough to obtain proper reciprocation from the finance providers or from the employers or landlords when he will find it necessary. Moreover, it is easy to avail free trial credit report.
It should be noted that he has the legal right to access to his credit report free of cost, but once in a year. Besides this, he can access to different websites which allow the people to go through their credit report free of cost. It is not exactly free, however. It is free for a trial period, usually for 30 days. The important thing with the free trial credit report is that the websites ask the people to sign up and ask them to pay for viewing the credit report after the trial period.
The credit report of a person may contain mistakes as a result of which credit score of the person can be poor. He will then be refused by the lenders. He should study his credit report and try to understand if everything is all right there. If errors are detected in the credit report, the concerned person should immediately ask the financial bureaus to do necessary correction. It is the task of these bureaus to make the credit report free from mistakes and to send a fresh copy of the credit report to the person who has demanded corrections. They must, at the same time, dispatch a copy of the same to the lending agencies/landlord/employers with whom the person has made contact during the last one year for securing services. Free trial credit report plays an important role in this way.
Brigham Brock is author of Free Trial Credit Monitoring visit http://www.freetrialcreditmonitoring.co.uk