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Noddle for a free credit report

Access to a credit report, in general, is vital for individuals when applying for loans. Credit ratings contain valuable information which can be used to support a mortgage or loan application. Most financial companies, however, charge for this service. Noddle which was officially launched in December 2011, provides a lifetime, full credit report free of charge. This service is offered by Callcredit.

Importance of a credit report

A credit report serves as the basis for approving loans from house mortgage and vehicle to furniture and phone contracts. Banks, cooperatives, and lending institutions use credit reports to gauge the credit worthiness of the person seeking the loan. They also determine the applicant's ability to repay the amount borrowed over a defined period of time and under specific conditions.

  • Noddle offer

Noddle works by acting as a reference centre of potential loan seekers without paying a dime for a monthly subscription. For example, Credit Expert charges £7.99 per month and Equifax £5.95. Whereas Equifax and Experian charge money to view a statutory credit report, Noddle gives this service for free. Each individual’s report will contain sensitive info on credit agreements, repayments, county court judgment and even electoral roll details.

Noddle also partners with other companies to sell credit cards. If the reports are favourable, the customer will see highlighted financial products available for purchase. There is, however, no obligation to buy any of these offerings.

  • Disadvantage

Limited access to the site is a major constraint of using the credit report service. Customers are unable to access their profiles when outside of the UK. The website (noddle.co.uk) only responds to IP addresses from the UK. This is a limiting factor for those who are on travel or abroad. In addition, UK nationals who have secondary homes cannot avail of the service at all.

Recap

Credit reports are important for both lenders and borrowers. It enables the former to immediately make a decision whether to grant a loan or extend credit or even offer other financial products based on history and ratings. For borrowers, it gives insight to their repayment performance and overall credit status. Noddle provides this service at no cost to the consumer translating to huge savings that are passed on to consumers.

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