Your credit history is one of the key factors considered when you want to:
- Apply for a consumer loan or mortgage
- Open a credit card account
- Rent an apartment
- Apply for certain jobs
- Take out certain insurance policies
How often should I check my credit report?
Even if you have an excellent credit history, there's always the possibility that inaccurate information could sneak onto your credit report. Review your credit report annually (and correct any errors) to protect against problems caused by errors or fraud.
In these situations, it is especially important to check your report, even more than once/year:
- Several months before seeking a major loan;
- If your wallet has been stolen or lost, check your credit report several times in the following year
Free credit reports available annually
As of 2005, new law gives consumers the right to one free credit report a year from each of the three national credit bureaus. A centralized request process is available for your convenience...
Annual free reports are not available by contacting the three companies individually, but only through the central process:
For more information about free annual credit reports, visit the Federal Trade Commission's website.
Checking your credit report more than once a year
By Federal law, you are also entitled to a free credit report if:
- You have been denied credit, insurance, or employment because of your credit report and contact the agency for a copy of your report within 60 days of receiving a denial notice.
- You are unemployed and plan to look for a job within 60 days.
- You are on welfare.
- Your report is inaccurate because of fraud.
You may also buy a copy of your credit report. To purchase a copy of your credit report, contact the credit reporting agencies directly. It will cost about $9.50 per report.