Bad Credit Score

Archive for July 28th, 2010

In current scenario, economic conditions and credit market are becoming more difficult. It is important to keep a close eye on credit and manage the finance properly. The best way to manage finances is to keep a record of credit rating. Credit score is the most important factor of financial life. Individual can obtain the free credit score from many websites. There is a huge difference between credit score and credit report.

There are many companies who provide credit report instead of credit score. Credit report only contains the information about creditors, payment history, status of finance etc. instead of score. On the other hand, credit score is three digit mathematical numbers which determines your past financial record. Score is calculated on the basis of credit report by the credit bureaus.

There are three major credit bureaus in United Kingdom, Experian, Trans union and Equifax. According to the law of United Kingdom, an individual can get free credit score once in a year. But as there are three different companies, people can apply for free score once in four months. Due to internet facility, applicant can apply for the score from home and does not need to visit personally any bureau.