At a minimum, everyone should make it a point to check their credit report at least once a year. Make it a part of your fiscal checklist.

There are a lot of reasons to do so. Let’s go over a few.

First of all, it’s free. Why would you pass up a freebie when it impacts your financial well-being?

It’s actually a good idea to check your credit report from each of the three major credit bureaus, Equifax, Experian and TransUnion. You can check credit reports from each of the three major credit bureaus for free at https://www.annualcreditreport.com/.

Checking your credit report is an important step in rebuilding and maintaining good credit. Reviewing your credit report will help you make sure it's in good shape when you are ready to apply for new credit and enable you to monitor your progress if you are recovering from past credit problems.

It’s also an important part of managing your personal finances. You should review your credit report just like you do your bank statements and credit card bills.

Here’s a major reason: It’s often the first indicator that you are an identity theft victim. If you find names you don’t recognize, Social Security numbers that don’t belong to you, or accounts that aren’t yours, you might be a fraud victim.

The national credit reporting companies can help you stop any credit fraud and prevent future misuse of your identity.

It’s the first step in correcting any information you feel is inaccurate. In general, people find everything is accurate. But if you do find something wrong, your personal credit report comes with instructions for submitting disputes to rectify any problems.

The bottom line: Checking your credit report at least once a year will help assure you that your credit is healthy and your information accurate. Checking more often is a smart move if you plan to use your credit to make a big purchase or if you have been a victim of identity theft or believe you are at risk for it.

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