Free Credit Report

Each citizen and most businesses are provided with free credit reports by the government once per year. Consumers can click on the site in order to get their free credit reports. They get reports from any of the three main credit bureaus. Reports from Equifax, Trans Union and Experian are interactive as well as printable. Borrowers can get a till for sale, dispute erroneous items on their correct reports and also verify that accounts found on their reports actually belongs to them. Below are the benefits of regularly getting free credit reports.

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Information Verification 

Among the main benefits of getting credit reports is that consumers are given a chance to verify that the data is accurate. According to estimates, millions of borrowers have in their credit report at least an error. Those who are able to verify that their information is indeed correct can avoid declined applications, lower their interest rates and also raise their credit limits. An individual who makes an application for a mortgage can qualify for better rates and in the process save thousands of pounds through verifying that his or her credit is correct. A majority of errors found in a report can be fixed in less than an hour. It would be stupid for a consumer not to dispute erroneous items found on their credit reports. For credit reporting bureaus, one of the most commonly occurring errors is having data from another person with a similar name reported into credit report. Such a problem can be solved easily, thus saving a person tens of thousands of pounds over the course of their lifetime.

Credit History Verification

Verification of a person's credit history is the other benefit of getting credit reports. Borrowers can find out which firms have made solid enquiries into their credit report. They can also verify open accounts and confirm balances. In case a consumer finds an error, he or she can easily dispute this information with the help of a credit reporting agency. Equifax, Trans Union and Experian offer easy instructions on how to correct an erroneous item on a credit report. Often, firms have thirty days in which to investigate the likely error. Then, the credit reporting agency sends a letter to the consumer explaining their decision.

Checking Credit Score

Ability of a consumer to check his or her credit score is the third benefit of getting credit reports. Although a credit score is not usually included together with an individual's free yearly credit report, bureaus for credit reporting often offer special packages for clients interested in their credit score. Often, borrowers can subscribe for a free trial lasting 14 days. Such a trial includes a free credit score together with additional credit report copies.