How Credible is Freecreditreport?

2007-03-08 10:33:40

( Financial )



If you're applying for a loan or a credit card, your bank or credit card company needs to see your credit report. A credit report, or debt report, informs the creditor of your overall performance in handling and settling your debts.

You can obtain your credit report online for a small fee from any one or all of the most widely used credit agencies.

Contents of the Credit Report

Within minutes, Freecreditreport will give you a copy of your credit report containing the following:

1. personal profile – name, birth date, address, employer
2. credit summary or trade lines - a tabulation of all open and closed accounts
in your name, their total balances, and delinquencies, if any.
3. public records - shows any records of bankruptcy, court cases, tax liens and
unpaid child support. These records remain on your credit report for as much
as a decade.
4. credit inquiries - contains the names of those who obtained copies of your
credit report. These remain on your report for several years.
5. account history - contains specific information on each account you've opened
in the past. Positive information about your accounts remains on your report
indefinitely.

Your Credit Score and its Significance

For an additional charge, you may also obtain your credit score, a numerical representation of your credit worthiness. Each credit agency has its own parameters of scoring. The higher the credit score, the better the loan terms you will enjoy. Most borrowers score within the higher end of the scale.

Issues about Freecreditreport

In spite of reassurances of accuracy by freecreditreport and the credit agencies, there are still complaints from clients about incorrect or outdated information. Some clients have received unwanted sales offers because their names had been allegedly referred to marketers by the credit agencies. Loans which have been fully paid are still showing as outstanding. Worst still, some clients have encountered difficulties in having the errors corrected.

Tips in Handling Your Freecreditreport Information

Always obtain a copy of your latest credit report before applying for any loan, and do this at least once a year. Credit agencies have different parameters in figuring out your credit score, so it's best to have all their reports. It is also up to your best discretion when to request the reports.

If you spot any inaccuracy, report it immediately in writing to both your creditor and the credit reporting agency. Avoid dealing with so-called credit repair agencies who claim that they can fix your credit score, because they will only cost you and yet achieve very little results.

Maintain a good credit score on your debt report by repaying your liabilities on time and by limiting your credit applications. Be aware that factors such as payment history, account balances, inquiries, and length of open accounts contribute substantially to your credit score.


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