The Importance of Getting a Free Credit Report and Sorting out Any Problems

Posted on Mar 13 2014 - 2:51pm by burningsalad

credit scoreControlling your finances can be even more difficult that getting your recipes right. I have recently discovered the dangers of letting things slip and wanted to pass on some details of how to avoid making the same mistake as me.

To start with, I wanted to buy a new car. It was nothing special, just a little run around to take me to work or out into the countryside for the odd picnic or festival. Like most people I needed a loan but after speaking to a couple of banks I discovered that this wasn’t going to be as easy as I had expected, as there was some sort of problem with my credit score.

A friend eventually advised me to get a free credit score report from Experian CreditExpert. I had never done this kind of thing before but it turned out to be a really fast and simple process. After checking out my details I realised that I had been rejected for a car loan because of an outstanding debt from a few years ago which shouldn’t have been counting against me anymore. It is something I had so completely forgotten about that it took me a good few minutes to work out what it was all about.

Now to Get It Sorted Out

Once you have your free credit score it is easy to see what debts or defaults are causing your problems but you still have to sort them out one way or another. You could choose to speak to a financial adviser or local money advice centre about this if you aren’t confident about dealing with it yourself.

I ended up speaking directly to the loan company that had me down as owing them money and was able to sort it all out pretty quickly. This won’t always be the case but before you panic you should consider the possibility that it will all be sorted out quickly and easily.

In my case, I wasn’t in a desperate rush to buy a car. This meant that apart from the shock I initially got when I read the report there was no harm done. However, I can imagine that this sort of situation could cause a major headache if you were about to buy a house or needed a loan urgently for some other reason.

The lesson I learned here is that keeping an eye on my finances is just as important as keeping an eye on the food I cook in my kitchen.  I might assume that everything is under control but until I actually check things out fully I don’t know for sure. Even if you don’t currently plan to ask for a big loan or mortgage, it definitely makes sense to get a free credit score sorted out online and see if there is anything you need to resolve. You’ll be glad you did this one day in the future.

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