Free Credit Score UK: for Protection and Improvement of Credit Status
Credit score of an individual is the index which shows if the individual will be entertained by the creditors when he will submit application for loans, mortgages, credit cards etc. Credit score of an individual is derived from his credit report. Credit score is determined by several factors which include history of reimbursement of the borrower, total outstanding against his name, total length of his reimbursement tenure, his present financial status and credits he has secured so far through loans, mortgages, credit cards etc. The finance agencies maintain a scale with marks from 0 to 1000, as per FICO, to get the reading of the credit score. If credit score of a person goes above 600 marks, he can expect that his application will be approved. Terms and condition for the finance becomes favorable if his credit score is higher. This is why a person should secure free credit score UK.
Equifax, Trans Union and Experian are the most prominent financial bureaus which collect history of financial transactions of the individuals to create their credit report. A person has the right to have an access to his credit report. He has been given this right by the laws of the land and he can have an access once in a year for which he will not be asked to pay even a single cent. Free credit score UK is thus accessible for any British citizen.
It is, therefore, clear that the British people, thanks to free credit score UK, can decide when they should apply for finance or when they must do something so that their credit score remains healthy. Problems arise if there are mistakes in the credit report. This is why the borrowers must study their credit report seriously to find out if there are mistakes. Mistakes may occur if values from the documents of receipts or payments are wrongly entered during preparation of a credit report for a person. The wrong-doing will result into wrong reading in the credit score for a person who will, as a result of this, be deprived of finance in time.
When mistakes detected in the credit report of a person is brought to the notice of the financial bureaus, the latter would correct the errors and prepare a fresh credit report which will be free from mistakes. It is mandatory for the financial bureaus, in such case, to send the corrected copy of the credit report to the person concerned. They must also send a copy to the lending agencies which have been contacted by the person within the last one year. It may, again, happen that the corrected credit report does not have good health. The concerned person will have an option to improve his credit report as early as possible. Free credit score UK is of great importance for the people of Great Britain.
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