There is nothing worse then applying for a loan and being denied, and it doesn’t need to be this way.
If we review our credit histories and credit score periodically we can then know where we stand and have a little more knowledge as to if we would be approved for a loan or not.
If you begin applying around at different lenders, the inquiries on your credit history can actually reduce/lower your credit score.
Credit reporting agency Experian is now offering a new service that allows people to get their credit scores for free. The service is called CreditMatcher, and it will allow people to “find out the likelihood of being accepted” for a loan.
People will also be able to compare credit card, loan and mortgage deals, that would be based on their credit score.
Many credit card companies and lenders are using eligibility checkers now to allow consumers to know the probability of being approved for a loan or credit card prior to applying. All with out damaging your credit score.
When using the service it does do a “soft search” on the person’s credit history, this unlike a “hard search” is not seen by lenders and does not affect one’s credit score.
The Managing Director at Experian, Clive Lawson stated, “Having good control of your money is a big factor for most people’s overall happiness, and a lot of people don’t realise that your credit score is like a temperature gauge for your financial wellbeing.”
“By making the Experian credit score free, we want to help everyone take a quick and easy first step to realising their financial ambitions.”