subject: Should you pay for for credit report services? [print this page] Should you pay for for credit report services?
The recession and financial problems that followed made most of us more aware of credit scoring and it's implications. It has become increasingly difficult to get a loan and lenders don't just give the money away like they used to a few years back.
The current economic climate has seen credit reporting services bloom; one of the most interesting products we've been presented with is the free credit report. But is it really free?
You get what you pay for?
The free version of credit report is usually limited to the essential information and may not always include the three digit number reflecting your credit score. It will give you an insight into how the scoring works and inform about some alarming events but for the proper report, you need to pay.
Not to say that it's useless, it's actually an essential tool for every person concerned about credit history. Even the light' version will give you an idea about the reaction you may expect from lenders, but serious operations like improving credit score and investigating into a potential identity theft will require a regular subscription account with unlimited access, as opposed to the limited time trial.
Is there a point in keeping the subscription?
If you can fork out a tenner a month to monitor your score than you should. Especially if you plan larger ventures such as applying for a mortgage or a car loan in the foreseeable future. Improving the report may take a few months. You should expect to wait between one to two months just to correct any errors your credit might bear plus the time required to straighten up all overdue payments which have a negative impact on credit history.
On the other hand, if you do not plan to finance any purchases within the next year and are happy with your existing score don't throw your money down the drain. Check your score for the peace of mind every 12 months or so during the free trial and cancel it before it turns into a regular subscription.
If you wonder what is your credit score go ahead and give it a check. Even if you do not need to buy anything right now it's reassuring to know that there's money at your disposal just in case' and you won't have to struggle to get a loan should you need one. After all, checking your score is free.
