Free Credit Score Check: The Borrower Should Check His Credit Score

Free Credit Score Check: The Borrower Should Check His Credit Score

The lending agencies turn down the application for loans or mortgages if it is found that the credit score of the applicant is not fair. The loan-seeker can escape this embarrassing experience. He can, after two months of such rejection, ask the respective lending institution to name the financial bureau which has provided it his credit report. On the strength of the law of the land, he can get his credit report from the concerned credit bureau to know all about his free credit score check.

Credit score is generated from the credit report which is created by the credit bureaus. The major credit bureaus are Equifax, Experian and Trans Union. They collect financial transactions of the borrower from several lending and financial agencies to create his credit report. They create the credit report separately. This is to mean that there exist differences in the credit reports created by them.

The loan-seeker should secure the credit reports from them and go through details of the content minutely. It is a fact that almost eighty percent of the credit report contain mistakes. Mistakes occur for several reasons. Staff of the credit bureaus may make wrong entries from the original documents. It is possible that accounts of another debtor with similar name and surname have been incorporated in the credit report wrongly. In some cases, written off and paid off accounts have not been removed. Hence, free credit score check is very important.

The loan-seeker should bring the mistakes to the notice of the credit bureau staff and get the errors removed. It is, again by the law of the land, the credit bureaus must take action within one month of the complaint received from the borrower. The credit bureaus are to rectify the mistakes and send a copy of the corrected credit report to the borrower. They must also send a copy of the same to creditors with whom the borrower has contacted during the last six months.

The borrower must go for the free credit score check, because credit score of the borrower may improve if the corrections are once made. He will, then, be eligible for loans and mortgages. On the other hand, he may find that there is no mistake in his credit report. He would learn what he should do to improve his credit status and when again he can apply for finance. The borrower can secure a free copy of his credit report once in a year. The Fair Credit Reporting Act provides this right to him so that he gets the benefit of the free credit score check.

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