Check Your Credit Report

Keeping track of your credit helps you spot identity theft and can make a big difference in how easily you get a loan or even a job. A low credit score makes it harder to qualify for a credit card or mortgage, and can increase your interest rates. Good credit lowers rates and shows potential employers you’re a responsible citizen who pays bills on time.

Your credit score and a credit report are related but different:

Credit report. Under the Fair Credit Reporting Act, all Americans are entitled to a free copy of their credit report from each of the three major credit tracking companies — Equifax, Experian and TransUnion — every 12 months. The report shows all your accounts and lists your payment history and balances.

Credit score. Based on your credit report, the "big three" reporting companies issue you a credit score, which rates you on a scale from 300 to 850. Anything above 700 is considered a good credit score.

Time — 30 minutes
Difficulty — Easy
Expertise — None
Frequency — At least once a year, when you apply for a loan or if you suspect fraud
Where — All US

Steps

1. To see your credit report and check for inaccuracies, get a free credit report from each of the major credit agencies by visiting AnnualCreditReport.com. Remember that you get only one free report a year from each agency.
2. You pay a small fee to see your credit score from each of the big three. You can order it when you check your free report, or you can request it any time at their individual sites: Equifax.com, Experian.com and TransUnion.com.