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Many people ask themselves about the importance of having a credit report but the question is always rhetorical simply because there are many benefits associated with having the credit report. Before you can secure a loan or a credit card from a bank or any other money lending institution, the lender you would be dealing with will first check your credit score. If on checking the credit score he finds that there are too many strikes on your credit report or see that your credit score is low, they will turn down your request and you will not be in a position to acquire the loan. This could be embarrassing because let's say you had planned for that loan and a turn down follows all over a sudden, free credit annual report it could be painful and this is why it is recommended you check your credit score by taking advantage of the free credit service at Free Credit Annual Report Company online where you will be updated on annual free credit report. We find that credit reports sometimes contain errors. It has been noted that a recent study undertaken to find out why credit reports contain so many errors has displayed that 75% of the credit reports have errors. More so, on the same study they paid much attention to the most affected credit reports and found that 22% of credit reports contain serious errors which can lead to denial when for example one is willing to get a loan or credit. These errors accrue due to the fact that customers are reluctant and they do not monitor their credit reports in order to minimise the errors. To avoid or minimise these errors, one is supposed to get access to free credit reports and review them as early as possible making sure that you clean it up well and this will greatly minimise the errors. A good credit score is vital for your financial well-being because you will not have difficulties with financial institutions which deal with money lending. The higher the score, the higher the chances of acquiring the desired amount of credit and the lower the score, the lower the chances. Credit reports are important because they are used when securing loans or credit cards where the lender of the loan checks on the credit score of the customer. It is free to check your credit report status and there is no apparent reason as to why your loan request can be turned down when it just takes few minutes to visit the website and check on your rating absolutely free. If you browse through your credit reports well, you will be in a position to visit any financial institution with confidence. Check out free credit report annual and free annual credit reports for more details.
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