Your credit report holds lots of importance while availing the loan amount. As before approving your loan, lender always checks and verifies your credit worthiness. So, it is very important that you must scan your credit report regularly in order to maintain the good report. Therefore, free annual credit report is essential for both lender and borrower to get the desire credit information.
There are three credit agencies that prepare this report that are: Equifax, Transunion and Experian. They will provide you this report absolutely free on your request. You can get this report once in a year from each of these bureaus. The report issued by the different bureaus is almost similar, but they use different parameters for evaluation. All these agencies have different viewpoints so; you must collect your report from all the three bureaus.
This report gives you an opportunity to maintain a good credit record. You can also improve your credit record by analyzing your scores and give attention to things that are hurting your credit report. With these report, you can easily get to know your credit worthiness and can find whether you qualify for loans or not. It is beneficial for you to apply for report prior to applying for the loan amount.
On the basis of this credit report only, lender approves or rejects any ones loan application. It provides them the detailed information about the borrower’s previous credit records. This report enables the loan providers to assess your credit worthiness and in case of denial he should present valid reason of application rejection.
Online medium is the easiest way to apply for this free annual credit report. Before, choosing any service provider it would be highly advantageous to do a proper research work and then select any one. You must also check that you view the official website only.
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