Follow Us on Facebook Follow Us on Twitter Follow Us on Google+ Follow Us on Pinterest Follow Us on Tumblr Visit our YouTube Channel Subscribe to our Feed Subscribe via FriendFeed

Connect With Us

Free Credit Report From Noddle Coming Soon

by Jim ONeil on June 23, 2011

in credit history

Credit reference agency Callcredit is developing a new Web site called Noddle. When it is launched this fall, Noddle will allow consumers to obtain their credit reports at no charge. Membership will be required, but consumers can obtain their login for free.

This represents a welcome change from the £2 cost currently imposed for accessing credit reports from the three major UK credit reference agencies.

Experian and Equifax currently offer free credit reports for a trial period, after which consumers must pay a monthly fee. Noddle will provide free reports on an ongoing basis. The first 10,000 people who enroll in membership will receive early access to its services.

Funding for Noddle comes from a price comparison site that will provide customized product suggestions to members.

When people access their free credit report, they will see recommended mortgages, loans, and credit cards. These are the products the consumer is most likely to qualify for based on credit history. If a consumer clicks on one of these Web links and uses the product, Noddle will be paid a commission.

Regularly checking the credit report is an important part of being financially responsible. The report includes information about the borrowing behavior of a consumer and it reflects how much a person owes on outstanding loans.

Recent mortgage, credit card, and loan applications are listed and issues like late payments, bankruptcies, IVAs, and CCJs are also detailed.

Consumers should verify their credit report prior to applying for additional credit. Any mistakes noted on the file should be immediately corrected. This decreases the chances of a credit application being rejected. Regularly monitoring the credit report can prevent identity theft and using Noddle, consumers will be able to do this free. It will be interesting to see if Equifax and Experian develop a similar service.

Comments on this entry are closed.

Previous post:

Next post: