Do you understand what a credit report is? Does it play an important role in your life? Allow me to describe to you in a very simple manner. A credit report is a record of an individual’s credit activities. From the report, we are able to find the following:
- Any loan account or any credit card accounts a person has
- The payment records of someone. By going through the report, we are Able to learn how regular a individual is in paying back their outstanding balances
- Actions taken against a person for their outstanding bills
As a responsible person, it is a must that you check your credit Report at least one time a year. You can get your report from any of the major credit agencies in UK. You always make your payment in time, it is indeed important to double check your credit history to be able to avoid unnecessary mistakes. Do not expect the information inside each credit file is accurate and up-to-date. Sometimes, because of clerical errors, the charge documents may contain information about other folks. Some information may be obsolete.
For Example, somebody has applied for a personal loan and he or she has given an erroneous social security number. This information is wrongly entered into another individual’s credit report of prtship forum. Because of this, the individual’s credit score will be affected. If you do not check your report correctly, you could also suffer from precisely the exact same issue. On the other hand, if you have opted for debt settlement before, all of the negative things should be removed from your file after 7 years. If you do not check your report, the items might be remained there for at least 7 decades. This will certainly make your loan application process difficult.
Together with the technology progress, it is in fact easier for us to be trapped by unethical folks. We stand a high chance to become the victims of fraud or identity theft. By way of instance, there are hackers who swipe other people’s credit cards without getting their consent. You would not ever know that you have accidentally accumulated a significant amount of outstanding accounts if you do not check your credit report correctly. If there is not any immediate action taken to repair the data in your report, your credit score will surely be severely affected in the end of the day.
When you take the initiative to check your document, you will be able to identify errors immediately. What you will need to do is to fill up the dispute form provided by the credit agency. Get the authorized party to investigate and take the necessary action. The agent normally responds to you within 30 days. After the errors are identified, the data in your document will be adjusted.