What reflects on your credit report can save or cost you thousands of dollars. Whether or not you get a loan and what your interest rate is set at depends on your credit. It is important to check your credit report yearly to ensure your lenders are reporting the correct information, that what is being reported is actually your information.

Checking your credit report can detail whether your identity has been compromised by fraudulent activity. Your credit file also includes a record of everyone who has requested and received a copy of your credit report, and it is important to be aware of who is looking at your information. The Fair Credit Reporting now requires the three consumer credit reporting agencies to provide a free credit report to each consumer, upon request, each year. The three credit reporting bureaus are Equifax, TransUnion and Experian.