A credit report is a compilation of information about you and that’ why it’s so important, when it comes to getting a loan approved, regardless of what it is for. Such a report contains your Social Security number, along with your date of birth, all your addresses (past and present ones) and it also indicates who your current employer is. So far, so good, but your credit report also lists past and present loans, mortgages and debts, not to mention your credit cards.
However, what your credit report does not include by default is your credit score and that is the single, most important thing lenders and banks are looking for when you apply for a loan or a mortgage or any kind of financial service for that matter. This is why you should always ask for your credit score and make sure you have that checked on an annual basis. There are also several services that offer free credit reports from all 3 bureaus – all of which contain your credit score.
When you do not manage to cover your monthly payments in time, the consequences are not only that you take on more debt, but also the worsening of your credit score. Your complete credit report will list everything you have paid for until now, but, most importantly, it will be unforgiving in listing everything that was not paid for on time. Late payments will not look good in the eyes of financial institutions you hope to get a loan from. The free credit reports from all 3 bureaus will help you understand what you need to improve, in order to keep your personal finances in order.
This compiled information is then calculated into your personal credit score and it is this number that ultimately influences a bank or lender to approve a new loan or refinancing solution for you. So make sure you do not buy more than you can afford and you will always have a perfect credit score. This way, you will be able to get a loan fast and easily, should you ever need it.
The good news is that now, getting free credit reports from all 3 bureaus is one of the easiest things in the world. Just visit the website and take it from there. Your Experian, TransUnion and Equifax credit files are a few clicks away. No waiting in lines, no useless forms, no waste of time.
The website offers a useful comparison between several services that can deliver free credit reports from all 3 bureaus. With these services you can have your credit files ready in a snap and get that financing solution you need, without any stress. Just remember to be careful with your expenses, once you take on a loan, as now, your top financial priority is to make your monthly payments on time – it is the only way to stay out of trouble and live a stress-free life.