What exactly does a free credit report offer?


Click to follow
The Independent Online

Nowadays, having ready access to credit is an essential part of most people’s life. Whether you need a new washing machine or want to go on holiday, it can often be more convenient to borrow the necessary money rather than raid your savings account. In the case of emergencies, being able to access credit can often save the day. Your credit score is therefore very important and needs to be regularly checked and understood. Experian CreditExpert, the UK's number 1 credit reference agency offers a free credit report as well as valuable advice on how to manage and improve your credit score.

It is sometimes questioned whether a free credit report is actually worth having. Whilst people usually value most those things that they pay for, a free credit report is probably one of the most valuable giveaways that you will ever be offered. If you currently have no idea what your credit score is or have never bothered to find out, a free credit score will give you a good idea of how likely or not it is that credit will be made available to you when and if it is needed.

Different lenders use different criteria for assessing whether or not someone is credit worthy and if they are, what limit should be placed upon their borrowing. It is also true that different credit reference agencies obtain information from different sources and as a result, the credit score from one credit reference agency may not necessarily be exactly the same as from another. Nevertheless, the overall results are likely to be similar, no matter which agency produces the report. Given the financial complexity of today’s world, the importance of being able to obtain credit when it is necessary cannot be overstated.

A good credit report will also offer explanatory notes enabling the user to easily understand what all the numbers mean. Everybody knows that a CCJ or defaulting on a previous loan is going to damage their credit score but obtaining a free credit report may also cast light on how to repair the damage and start to rebuild credit worthiness. Obtaining a free credit report should not damage your credit rating; it may, however, give you an insight into how lenders use different criteria when deciding whether or not to make credit available. You may also learn how to use those criteria to your advantage.

Your credit score may go up and down depending on your financial activity and it can therefore be beneficial to check your score on a regular basis. This is particularly true if you are seeking to rebuild a previously damaged credit rating. A credit report is a very good place to start, not just because it costs you nothing but also because it can give you valuable information that is otherwise impossible to obtain. Experian CreditExpert offers a free 30 day trial of their services, including a free credit report.

UK's No.1 Source: Experian CreditExpert is the UK's market leader by share of unique users. Comscore, Sept 2013

Experian CreditExpert offers a free 30 day trial then followed by a £14.99 monthly fee