Free Credit Report and Score
Credit reports contain the information companies use to determine how eligible you are in gaining loans and other forms of monetary accounts. Employers may also check this, as it is an informative indication of your reliability, and therefore how trustworthy you are in performing to their standards.
The information used in these reports can vary, but the most common details they will require are current and previous names and addresses; dates of birth, residence, and social security numbers, any history of arrears or defaults, county court judgements, bank account information and sometimes how many times you have applied to receive a credit report in the last year.
The report is based on a score of 0-1500, and is essentially ‘marked’ on each of the sections contained above. The average range for these scores is usually between 300 and 1000. The higher the score, the greater the chance that creditors will wish to do business with you. While there is no ‘blacklist’, a low score indicates that you have to fulfil certain requirements in order to obtain similar financial freedoms that are granted to those with higher scores.
Obtaining a credit report is a beneficial way of understanding how your lifestyle affects your rating, and it is also helpful to prevent being a victim of credit fraud. There is, however, a difference between a credit score, and a credit report. If you wish to apply for a report, companies will offer this for free. But, if you wanted a detailed report with a score, then you have to pay a small fee.