UK and US credit reports

[Lisa]

I am thinking getting one of those free credit reports that are advertised on the internet. I am in the UK. Are there any pitfalls or anything I should think about before getting one?

Thanks.

[Peace99]

a possible credit check? I know getting credit checks can go against you I think. Not sure on that though.

[droplet]

I have heard that each time your credit is checked, your credit rating is lowered slightly.

[UltraShy]

Under US law you are allowed to get 1 free credit report each year from each of our credit reporting agencies: Experian, Equifax, Trans Union. One common tactic is to get a report from a different one every 4 months -- that way you can cover the whole year.

This can also be also be done by toll free phone (all automated so no humans to worry about) at 1-877-322-8228.

[Lisa]

Thanks fot the replies.

Experian are over here over. I might try it out later.

[Johnny_Genome]

Just watch out, a lot of those companies are trying to get you to sign up from a credit monitoring service -- they entice you with a free credit report.

[danielk]

Originally Posted by droplet

I have heard that each time your credit is checked, your credit rating is lowered slightly.

Nah. Too many inquiries too close together will set off red flags, however.

[Bon]

Make sure it is a free credit report. In the US we are entitled to one free check per year, with each company.
If you decide to pay for one, make sure a new report isn't issued every say three months with an automatic bill to you.

Pulling your own credit report does NOT hurt your credit score.

_______________________________________________

A hard pull does, any time you get a loan, typically when one applies for a credit card, this is considered a hard pull. One hard pull can affect your credit rating, if you're looking to buy a house, you want the highest score you can achieve. If one starts applying for credit left and right, it's going to affect your rating. A hard pull other creditors see.

A soft pull, doesn't affect your credit. Often when you get a pre approved credit card, offer for a mortgage a soft pull has been done, to make sure you qualify. Potential employer's use a soft pull as well.

If you already have a loan, CC, many times the companies that issued this will keep an eye on your credit, this is also a soft pull, they're way of perhaps offering you more credit down the road, or keeping an eye on their money.

[UltraShy]

Originally Posted by UltraShy

This can also be also be done by toll free phone (all automated so no humans to worry about) at 1-877-322-8228.

As pointed out by others, make sure you're getting your report for free. The number I gave above is totally free and not some credit monitoring service or other such nonsense that costs you money if you don't cancel within 30 days typically.

The free reports that you get don't include a credit score -- it costs money if you want to know that secret.

[Lisa]

Thanks for the input.

I have done a little research and so far it true what was pointed out above... free report but you have to sign up to a credit monitoring service.