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Although most people may not realize it, your credit can have a huge impact on your life, which is why it?s so important to examine your credit report at least once a year. Most people purchase a home by taking out a mortgage, or a car by getting a car loan. Both of these things include a credit checking process.

Any time you want to get a loan, go through a bank, mortgage company or even open a new credit card, your credit history will be looked at. These companies pull your credit report and score to determine if you?re too risky to lend money too. If they do decide to lend to you, your credit score and history will also help them determine what kind of interest rate to give you.

The fact that just about every major buying decision you make can be affected by your credit makes it obvious that you need to keep an eye on your credit report. The 3 major credit reporting agencies (Equifax, Experian and TransUnion) allow you to pull your credit report for free once a year. That means that you can technically look at your credit report 3 times a year.

It?s not that these companies do this out of the goodness of their hearts to help consumers. A law was put into place by the Federal Trade Commission called the Fair Credit Reporting Act. One of the requirements was for the big 3 bureaus to give you at least one free credit report per year. This law has been in place since around 1970.

So if you do want to look at your credit report, where can you go to find it? One option is to contact one of these 3 companies directly and request your report. Of course, there are also hundreds of sites on the web that allow you to sign up for a free credit report. In this case, buyer beware, since some of them have fine print that locks you into paying a monthly price for credit monitoring services. However, if you look hard enough, you can find offers that are truly free.

Once you have your credit report, it?s very important to review it for mistakes. One mistake on your credit history can have a huge impact on your credit score and ability to take out loans. For example, if you had an outstanding debt, but paid it off years ago, you need to make sure it was removed from your credit report, or at least marked as resolved.

Monitoring your credit report is also a good way to keep an eye out for identity theft. If a bunch of purchases or new credit cards start showing up on your report and you have no idea what they are, congratulations. You?ve just been the victim of identity theft. Luckily, the bureaus will also work with you regarding that, as it is a serious federal offense.

Regardless of where you choose to pull your credit report from, you should always make sure to go over it with a fine tooth comb. Look at each and every entry, amounts, dates, etc. and make sure it is in line with your own records. Your credit score, that little number all companies want to see to decide whether to give you a loan or not, is directly affected by your credit report and history, so it?s imperative that you make sure you remain in good standing all around.