Checkmyfile Review: before you cancel CRA subscriptions due to reports of inconsistent Credit Report Scores, check the pros and cons.
As it happens, we explain these good and bad sides here in this article.
In a nutshell, Checkmyfile assesses all underlying financial instruments that pertain to a borrower’s creditworthiness. Over the years, since it launched in 2000, the company continues to render an integrated reporting (instead of only Experian) that concentrates data from more than one CRA (Credit Reference Agency).
For most customers, though, the best deal is the multi-report options below:
- TransUnion (also, Callcredit),
- Equifax, and
Nothing is more informative than a synergy of several CRA results in one portal.
Are you new to this platform? Do you wish to learn about the services obtainable in this company? If so, read this post thoroughly for answers.
Table of Contents
Checkmyfile Review: About Credit Scores?
Suppose a lender wishes to put figures on the chances of getting their money back, they would defer to the most effective stat tools. Some of the models in practice tend to employ too many details, although they require fewer inputs than the basic tools.
The need for an efficient credit determiner leads to an invaluable invention, Credit Scores. It is not only a quick-fix consultation for loans but an intuitive feature for individuals and small enterprises looking to take out a loan slip.
Credit Scores (at least 380) ensure that the loan contract spells debt-proof vouchers for the lender. Thus, the scores compensate for discrepancies in repayment. Lenders can place weighted interests on the spreads, differing to worthy creditors (those with 700 scores) and taking extra care with low-score borrowers.
So, you can proceed with the rest of this Checkmyfile Review with the above for context.
We provide the factors that affect your credit scores below for good measure.
- Type of Credit
- Credit History
- Payment History
- Outstanding Loan
Each of the above variously affects the aggregated result of the credit score.
By providing multiple choices of CRAs, Checkmyfile proves to be a fascinating service in the field. See details in the following sections.
What You Need to Know about Checkmyfile
Going by the discussions so far, you can infer that this platform lets you check your credit online, making it the first publicly-accessible service in the niche.
Our Checkmyfile Review finds several pre-sign-up benefits for prospective customers in the freebies. In case you are guessing, you needn’t stretch the list far. The best cut (before taking the main pie) is the thirty (30) days free trial.
Also, the company has thirty-five million (35,000,000) credit scores, calculated in the years elapsed since its founding in 2000, in the United Kingdom alone. That is a pace-setting spur for any business.
How do I start?
The first step towards getting to the platform is to request a form (just one form). Then, you will have to enter relevant details (akin to the popular KYCs) and bank payment options (debit cards or any preferred alternatives).
Further, all the services available at this stage are only prelims, comprising the free thirty (30) days free trial, which earns the company a positive tick in this Checkmyfile Review.
Subsequently, you will have to subscribe to the paid features for continued services. Added to this is the chance to consult four CRAs (the ones mentioned earlier in this article) and ascertain the results for previous transactions.
This approach places Checkmyfile in good stead, allowing it to cater to over two million customers. At least, the count shows that most people opting for the free trial tend to go for the premium offer. Of course, that decides the success rate for most people. So, it ticks the second positive box as part of the pros in our Checkmyfile Review.
Features you can access
At a glance, Checkmyfile offers you the following features (even on the free trial):
Intuitive widgets on the dashboard beside the ones below,
Credit type and an
Unbiased report (aggregated as a soft report but which doesn’t affect loan results)
So far, we have crunched the specifics for widgets and their use. Hence, we focus on the credit types such as borrowers’ credit cards, loans, and mortgages.
Credit categories remove any chances of surprises arising from hitherto unstated underlying factors in the loan contract. For instance, a loan draft need not alternate terms in disparate categories like mortgage and bank tenders.
Our Checkmyfile Review finds that the company could generate a soft report. However, the data is of limited use, which doesn’t extend to prospective lenders.
For the most part, it serves as a convenient preview of the borrower’s credit inferring from the four CRAs on the site.
Checkmyfile Review: Pros & Cons
Here is a summary of the pros and cons of this service (if the benefits are not already obvious).
- Free trials extend for up to thirty (30) days
- A concise guide on how to reach better credit records than the basic tier 380
- Reports deriving from four reliable credit reference agents
- It does not require much to start.
- Positive feedback from customers
The pricing might be a tad on the steep side (on further consideration, though, it reflects the package available on the Checkmyfile website).
Note: there are pockets of complaints about the overall effect of credit scores on the lenders, who place premiums on their research. It may not fit in the cons, but it bears on the applicability of CRA reports.
Our review gives Checkmyfile a thumbs up. You can expect excellent services from the company, especially in the areas reviewed in this article.
Regardless, if you want more closure than a post on the internet provides, opt for the thirty (30) days trial.