A credit site gives you an insight on how your financial information looks like and how to improve it to get proper services. The credit report you get should have all your credit history as per the information obtained from the credit agencies. Additionally, the credit scores you receive from any given credit site are useful when it comes to FICO scores.
What is Credit Report?
The credit report is financial information that lists the types of credit written under your names, the longer you have operated on your account and the punctuality of paying your credit facility. It gives detailed information to lenders on the amount of credit you have borrowed at a given time and whether you are seeking new credits including sources. The main aim is to provide lenders a broader view on any single financial information listed even from various banks. It also gives information like where you stay, your current address any legal cases, whether you have been arrested or sued and if you ever filed for bankruptcy.
Choosing a credit Site
- Credit sites should have the ability to combine your borrowing activities and all other relationship about your financial
- It should have the ability to fairy and consistently consider all the information to make the credit scoring
A credit site should have the ability to obtain all the information from the government credits bureaus Experian, TransUnion, and Equifax. Approved credit bureaus have the correction information that has been verified by numerous government agencies to give the correct information concerning your credits. Under the law, the above three companies have the mandate to provide your information to the lenders.
How to Maintain Credit Report
Maintaining credit scores depends on your ability to repay your credit facilities within a given time and improvement in your income statement. A clean credit score gives you the ability to get credit facilities from various lenders. You can opt to apply for a new line of credit card known as tradeline and it’s delivered within 30 days once your information and the reason for application is considered. It is crucial you maintain a credit score range of 300-900 and the higher, the better for lenders to approve your requests.
Getting Credit when you’ve Got a Bad Credit Score
Few lenders in the UK truly facilitate loans for poor credit despite claims to the contrary. Bad Credit site needs to follow the laid down laws and regulations to offer you the best credit facilities according to your credit score.