A Step-by-Step Guide: How to Get Your Free Credit Report Online
Nowadays, checking your credit score on a regular basis is a must. The good news is that there are ways to gain access to information regarding your credit history for free. In other words, you can apply and get your free credit report online.
What Is a Credit Report?
A personal credit report is basically a history of all the credit you’ve had, such as loans, mortgages, credit cards, and mobile phone/SIM card contracts. It is a history of how you borrow and then pay off your credit, including delinquency and bankruptcy. When it comes to your financial life, this is probably the most important document.
Why Is It So Important?
Nobody has the right to credit. Before giving you credit, banks, loan companies and shops want to be sure that you can repay the money you borrow from them. To help them do this, they may look at the information about you held by companies called credit reference agencies.
It is important because access to your credit report could save you money when you apply for a credit card, loan, or mortgage. A good credit report means lower interest rates, lower monthly payments and thousands of pounds in savings on interest payments! How much? It depends on your credit score.
A free credit report will allow you to:
• See what lenders see about you;
• Know when your credit score changes;
• Improve your credit rating;
• Get informed about ID fraud.
When applying for a new financial product that requires credit, whether it be a credit card, loan, or mortgage, your acceptance or rejection will be dependent on the information about your financial history held in your credit report.
However, unless you’ve recently checked your credit score, you’re unlikely to know what these registers say about you and your financial history, potentially leaving yourself open to disappointment, error or fraud.
Who Can Give Me Access to My Credit Report?
There are a few credit reference agencies which hold information about the credit history of most adults living in the UK. The two major credit reference agencies are Experian and Equifax.
Experian, the UK's largest credit reference agency has an online service called CreditExpert that allows you to check your Experian credit report. By signing up online, you can get a free 30-day trial. Your free trial will enable you to run as many Experian credit checks as you like giving you unlimited access to your Experian credit score.
Alternatively, you may also order your credit report from Equifax. By signing up online, you can get a free 30-day no obligation trial which will give you immediate unlimited online access to your Equifax credit file.
Another option is multi agency credit reports which will compare information held about you by more than one credit reference agency. Again, you can get a 30-day trial no obligation access to your credit report by multiple credit reference agencies at CheckMyFile.
Regularly checking your credit report will allow you to get a better understanding of your financial status so that you can pick the right products and deals for your circumstances.
The information on this page is designed to help you understand more and make more informed choices. We do not receive any commissions, instead we are funded from companies that we advertise on our website.