Thanks to the Fair Credit Reporting Act that was implemented by the US government back in the 1970’s, all consumers have a right to ask for and be sent a free annual credit report. This is a very helpful tool and takes the guess work out of trying to figure out what your credit score is or what may have been placed in any of your three reports. In the US there are three main credit reporting agencies, Experian, TransUnion and Equifax. All of these three have a slightly different method of reporting and scoring then the next so that is why it is vital that you obtain a free annual credit report from all three of them. Luckily there is an item called a “3 in 1” that allows you to get a full credit report from all of the three companies, often known as “The Big Three.”
Making sure that you get your free annual credit report is a necessary thing to do each year. If you do not look at your credit report at least one time every year then you could be in for quite a shock one day when you go to apply for some sort of credit. It is really mind blowing the things that can happen to your credit report in just a very small period of time. Credit reports and scores can be literally butchered by a number of different incidents, some within the consumers control and some not. This is why watching that report and score is so crucial to your financial well being. You can hardly exist today without credit so keeping up on it is a very good thing to do. If you want to see your credit report more than once a year then you can join a monthly credit monitoring site that will provide you with an alert every time your score changes even by one point.