A Free Credit Checks Could Help You To Pay Less For Loans & Credit Cards

When do finance companies check credit reports?

• When someone applies for a credit card, his or her credit report will be searched by the credit card provider.
• When someone applies for a loan, their credit report is searched by the loan provider
• When someone applies for a mortgage, their credit report is searched by the mortgage provider
• When someone applies for a mobile phone, their credit report is searched by the provider
• When someone applies for a car finance loan, their credit report is searched by the loan provider

So why should I check my credit report?

If anything in your report is out of date or gives a misleading picture of your willingness or ability to repay a loan, mortgage or credit card it can affect your chances of getting the best prices or deals.

It can in some circumstances even lead to outright rejection by lenders even when you are completely credit worthy.

For example,

• you may have separated from a partner who has since run up debts but, because you have still got a joint account, his or her payment behaviour could be affecting you.
• you may have shopped around for the best offer, without realising you're your enquiries have actually been registered as multiple applications for loans which could effect your perceived credit worthiness.