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What Does Your Free Credit Report Reveal?

What Does Your Free Credit Report Reveal?

Consumers are urged to obtain a free credit report on a yearly basis. The information contained in the credit report is crucial data that lenders and financing institutions consider prior to extending credit. Failure to run a credit check on oneself is one of the costliest mistakes consumers make, and credit reporting agencies lead the charge to help the average purchaser of financial products to know what lenders look at before they sign on the dotted line.

Information Found In Your Credit Report Is Not Always Accurate

To err is human and the information found in your credit report is not necessarily perfectly accurate. As a matter of fact, a good number of consumers who take advantage of their once a year free credit report notice that there are some mistakes on their credit profiles; this simple credit check may have just saved them thousands of dollars! Credit reporting agencies have a standardized process, as well as fiduciary duty, to verify disputed information and the recourse for consumers is quick and easy.

Why You Must Run A Credit Check On Yourself

The facts and figures shown on your credit report reflect the data your bank uses when it decides whether or not to underwrite your mortgage loan application. In addition, their credit check and the facts unearthed determine what kind of interest rate you will be offered. If the credit reporting agencies portray you as a consumer with past due payments and maybe even missing payments, the odds are good that your interest rate will be significantly higher than that of a consumer whose credit check reveals a perfect repayment history.

With a free credit report, you know what is in your file, and you have the power to correct any mistakes made. Additionally, you may also clear up any problems that might have escaped your noticed before.