| When you apply for a loan or credit line for a credit | | | | obliged to provide you with this for free, you can obtain |
| card, the issuing bank will take a look at your credit | | | | this for a fee. Be careful when you do so because |
| report and your credit score in order to determine | | | | often you will be tricked to sign up for an annual credit |
| whether they will grant the loan or not. We will provide | | | | monitoring service. |
| you with information on what you should know about | | | | Now that you have your credit report check if there is |
| your credit report and how you can improve your | | | | any mention of late or missed payments older than |
| credit score. | | | | seven years or any bankruptcy filings older than 10 |
| A credit report contains quite some information about | | | | years, as you can ask these to be stricken from the |
| you like your name, your address, your social security | | | | report. |
| number, whether you have any ongoing credits, your | | | | For the best credit score, make sure you pay all your |
| payment history. It also mentions if you filed for | | | | bills on time. It's also positive for your score to have |
| bankruptcy in recent years. You can also find a list of | | | | older credit accounts over a bunch of new ones. Of |
| who has pulled your credit report because you applied | | | | course you shouldn't abide by this if you can save a lot |
| for a credit line. | | | | of money of, for example, a home remortgaging at a |
| From this credit report banks derive a three digit credit | | | | better rate elsewhere. Consumer loans also lower |
| score. The score represents the likelihood of you being | | | | your credit score so try to limit those. |
| able or unable to repay the loan. The score will | | | | Don't assume the rating bureaus are always right, they |
| therefore also be a serious factor for the bank to | | | | do make mistakes so you should always check your |
| consider when granting you a loan and at what | | | | credit report carefully for inaccuracies and demand a |
| interest rate. | | | | rectification if you find anything on there that is not |
| You can get a free copy of your credit report online | | | | correct. It wouldn't be the first time that someone |
| by visiting These reports however do not contain your | | | | else's negative credit information appears on the |
| credit score as the crediting agencies are not legally | | | | report of an unsuspecting individual. |