What are the Advantages of a Free Credit Check?

According to the results of a recent survey, it was found that nearly 60% consumers who carry out a free credit check, find errors in their report. Thus, one of the obvious advantages of this facility is the chance to identify and dispute erroneous information that has an adverse impact on the credit score of a person.

Since the facility of free credit check needs to be offered by all three credit bureaus that collect information from major creditors and prepare the report, you can avail this benefit thrice a year – once from each agency namely Equifax, TransUnion and Experian. Conducting free credit checks on a periodic basis helps a person keep track of his or her financial health.

Thus, you should request for a free annual copy of your report from this agencies during different times of the year to ensure that your credit score has been awarded based on accurate information. Moreover, this facility also helps in ensuring that you are not a victim of identity theft and that no one is using the credit line extended to you without your knowledge.

Therefore, the facility of checking one’s credit without paying any charge for the same also helps in preventing misuse of credit line by frauds. Furthermore, you should also take this opportunity to make sure that all the personal information furnished about you in your credit report is correct and that there is no scope of confusion.

Free Credit Check after Marriage

The importance of this facility assumes a greater magnitude when it comes to avoiding errors at the time of marriage when a bride to be decides to change her name after tying the knot. In such a case, the woman should ensure that her maiden name is also listed on the credit report so that any chance of inaccurate reporting due to an identity mix up can be avoided.

Free Credit Check after Divorce

Similarly, an individual should use the credit check facility immediately after getting a divorce, especially if the person had joint accounts with his or her spouse and would like to ascertain the impact of divorce on his or her financial standing. In most cases, it is best to convert joint accounts into individual accounts and ensure that this information is updated in the credit report.

This is important to ascertain that the integrity of information provided in the credit report is maintained and that the credit score is not compromised in any way due to inaccurate reporting or lack of information.