Free Credit Check
If you want and instant no credit check loans either in advance of payday or a credit card then you need to see your history from the credit reference company and agency organisations that supply such information to the lenders you are approaching.
Why Check your Credit Report ?
Most times people check their reports when they have been refused a loan or mortgage and you'll want to know the key factors as to why this has happened.
Everyone has the right to see their credit report and you can get an instant paper copy for £2 from any of the agencies (it's best to ask your lender which agency they have used so you can get access to the same information they also have).
You can also get a 30 day free trial from many of them including experian and credit expert. You may also want to check your report before applying for a new loan, mortgage or credit card just to ensure your information is correct. Your credit score will start to reduce if you keep applying for loans and your report will show how many times lenders have looked at it and for what reason.
A credit check will show you your credit score and a good score means you are managing your finances well.
What is my credit score ?
Your credit score or rating will depend on many factors and you will be placed into on of 5 categories as follows :
- Excellent rating with a score of between 961 and 999 being a very low risk to lenders
- Good rating with a score between 881 and 960 being a low risk to lenders
- Fair credit rating scoring between 721 and 880 being a moderate risk to lenders
- Poor credit score with a rating between 561 and 720 represents a high risk to lenders, and
- Very poor credit rating with a score up to 560 represents a very high risk to lenders and if you are in this category you are deemed to be unlikely to be able to repay loans
Getting a free credit check online
There are many ways in which you can get a free credit check online with all of the referencing agencies. Most offer a free 30 day trial and you can see your credit file any number of times during this period. Then you pay a small monthly fee to be able to access it during the year. This is good for preventing identify theft because you'll be able to see every lender or financial institution that has accessed your file and why they have done that.
