A good credit score is imperative if a consumer wants to get a loan, buy a car, or maybe even get a job. Lenders, potential employers, and even some landlords look at credit reports in order to determine whether a person is trustworthy or if she will pay bills on time. Smart consumers monitor their credit reports in order to obtain an accurate picture of their particular credit scores. They review the report to make sure there are no errors listed in their credit histories. If errors do happen to appear, consumers take steps to inform credit bureaus of these errors so that they may be corrected. A credit report normally contains information about payment history, account balances, and whether or not bills have been paid on time.

Consumers can receive access to their credit reports by contacting a variety of agencies. The three main credit report bureaus are Experian, TransUnion, and Equifax. When consumers visit these three sites, they can request their personal credit reports for a reasonable fee. It’s a good idea to request reports on a regular basis to make sure your credit score is an acceptable number. Low credit scores can cause credit applications to be rejected. Higher credit scores can snag you loan, get you approved for a dream apartment, or win you a lower interest rate. Being aware of the state of your credit can help people take steps to improve bad credit scores. Accessing a credit report also lets consumers know if someone has been opening credit lines under their names. Identity theft is an all too common crime in this day and age, so it’s important to review your credit report frequently.

The Fair and Accurate Credit Transactions Act mandates that every consumer should have access to one free credit report every 12 months. The credit report is compiled by the three major credit bureaus Experian, TransUnion, and Equifax.  Such reports can be requested online, by phone, or by mail. If you request your report online, it can be viewed immediately. Reports requested by phone or mail are usually processed within15 days of the request. If consumers wish to review credit reports more than once a year, they will have to pay a fee. The exception to this rule is if someone has been denied a job, loan, or apartment because of a low credit score. If this happens, the consumer is entitled to a free credit report. Consumers can also receive multiple free credit reports if they live in Maryland, New Jersey, Vermont, Maine, Massachusetts, Georgia, or Colorado.