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How checking your credit score can leave you in the red

The Sun, 25 Feb 2017

YES, checking your credit report can help improve your chances of getting a mortgage, loan or credit card.

But watch out for the high monthly fees charged by major credit reference agencies such as Experiean and Equifax - which could cost you up to £180 a year.

It is all for a service that can be had for FREE, says Martin Lewis of MoneySavingExpert. He explained:

"These companies have taken advantage of people, particularly those who are about to get a mortgage and their desperation, to charge very high fees for credit monitoring services. There are now plenty of free services available."

The fees usually kick in after a 30-day free trial of the service - which lets you look at the same information loan companies use to check on you - has expired. Customers have complained they have been lured in by a free trial and then hit with fees after forgetting to cancel.

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