You wouldn’t go out on a first date without a quick glance in the mirror before leaving your room, would you? It is natural to check your appearance before heading out in order to avoid risking the disappointment of being unfavourably judged at first sight.
Checking your credit report before applying for a postgraduate or MBA loan (or any kind of finance for that matter) is a very similar act.
Credit score apps
There are many applications that let you easily get hold of that information and the three main credit reference agencies are also obliged by law to offer you a free copy once per year.
Some applications (free and paid) will also monitor your credit report over time and let you know if you are doing the right actions or have slipped up somewhere. A review of your own credit report from a website such as CheckMyFile, will show you how any possible lender will look at you when you apply for finance.
Whether you can be found at the address you are residing or are using as your current address. Also if this information can be cross-checked with the electoral roll data.
Your credit report shows also what open accounts you have, if you have been diligent in paying due amounts on their date, if you have been overusing your credit card or overdraft, if you have taken a lot of credit recently or are enquiring a lot regarding this.
Flatmates and housemates
Looking at your credit report will also reveal data that you didn’t think was related to you or mattered. Examples are financial associations with people living now or in the past under the same roof as yourself and how that impacts your own credit record. If any bills or utilities were left unsettled when you moved addresses.
So before applying for a loan take some time and access your own credit report. It is the image that you are presenting to potential lenders and you wouldn’t want this image to depict what you are not or do not want to appear as.
When you access the services of CheckMyFile through the link above, Lendwise will receive a small affiliate fee.
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