Financial bureaus, (especially Experian, Trans Union and Equifax), prepare the credit reports of the individuals. The credit reports are prepared on the basis of their financial operations. Credit reports are used to assess their credit score. The landlords, employers and finance providers value the credit score of the tenants, job seekers and borrowers respectively. It is a fact that a person holding a credit score of less than 600 marks as per FICO is considered as having bad credit report. They are, generally, not favored and entertained by the landlords, employers and lending agencies.
Individuals should secure their credit report and they can secure the same from the financial bureaus free of cost. They have the legal right to have an access to the credit report free of cost, at least once in a year. Cost free credit report is available only for a trial period of thirty days or so, but individuals are allowed to access to their credit report more than this period against some fees.
A person must carefully go through his credit report, because, sometimes, mistakes in the credit report are noticed. Mistakes in the credit report can lower the credit score of the person, and he may be refused by the lending agencies as a result of it. Mistakes are made by the staff of the financial bureaus when they make wrong entries while taking figures from the receipts and payments documents of a person. Sometimes, more than one person has a name with almost similar spellings. The staff in the bureaus is confused when he works in a hurry. He misplaces the entries causing errors in the credit report.
The person must contact the financial bureaus and get the mistakes immediately corrected. The financial bureaus are bound to send the copy of the corrected credit report to the concerned person and to his landlord, employer and lenders with whom he has contacted during the last one year.
Sometimes, the corrected credit report shows better credit score with which he should be entertained by the people to who review his credit report. It also happens that there are no errors in his credit report and that he has really bad credit. This is also good for him, because he can take precautions so that his credit score is improved after a period.
Mary Cruise is author of Free Credit Report UK.For more information about Free credit report advice visit www.freecreditreportinuk.co.uk
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