By submitting your information you agree to terms of our Privacy Policy and Terms of Website Use.

How Free Credit Score Checks can Help

You are allowed access to a free credit score every year, rather than having to pay for it. This is something that you should use to your advantage to be able to find out just whether you are likely to be approved for credit or whether you will need to wait for some time to better your credit score. Your free credit score will give you the chance to see what you are currently at and what factors could affect your score, such as marriage, moving home or choosing to own your own home.


There are a number of programs online that will give you the chance for a free credit score but there are some disadvantages to using these. The main problem is that the free credit score checks online will give an average check and there are possibilities that you will fill in the fields incorrectly. This can give you an incorrect score.


These online checks are only based on the average score after looking at the information that you offer. This will not look exactly into the amount of payments that you have defaulted on and it will not look into any other credits that you currently have on your account. Your score could be very different from what you have been given by the free credit score.


Because of this, you should always ask for your free credit score from a company and look at your credit report. This will give you the chance to find out what is on there and whether there is something that should not actually be on there; it gives you the chance to dispute anything that has happened due to identity fraud, just as an example.


Your free credit score check will also allow you the chance to really see whether you will have the chance to be approved for credit. Of course, this will also depend on the company that you are applying through and you will need to check what their conditions are.


It may be worth using your free credit score check each year to have the chance to leave notes about your circumstances. This is exceptionally advisable if you were made unemployed or redundant and found yourself unable to make payments. This is something that will stay on your credit rating but leaving the notes will mean that lenders can find out the reasons and will have the choice to look at your current situation instead of your past.


When you are looking at using a free credit score online, make sure that you use your judgments and remember that it does not mean that that really is your credit score. Keep an eye on your report to help you determine whether you will be approved for credit and remember that defaulted payments can stay on your report for two years and bankruptcy will be on there for six years; this will put companies off from lending money to you so a note about your circumstances an how they have changed may be worthwhile.

Take control of your finances Blog & Community provides readers with unique insight, helpful tips and straight answers about their finances.

  • Reliable resources
  • Useful tips and free tools

Find More Products & Services