Credit reports and scores have an enormous impact on the interest rates lenders offer us, which is why it is important to make sure that your credit report is in line. Those looking to take out an auto loan or mortgage should study their credit reports early in the process in order to allow time for possible corrections to be made before a lender sees it.

So, how can you check your credit report? Well, there are three main credit reporting agencies: Equifax, Experian, and TransUnion. All three of these organizations offer fee-based services online that allow you to check your credit report whenever you wish. Other websites like MyFICO.com offer a cheaper service that lets you access all three of your credit reports to check for errors.

There are some cases in which you are eligible for a free credit report. First, if you have been turned down for credit or employment due to your credit report during the last 60 days, you can get yours for free. Second, if you believe your credit report contains fraudulent information, you have the right to check it for free. Third, if you are on public assistance, you can get it for free. And finally, if you are unemployed and plan on filing for unemployment benefits within the next 60 days, then you can also access it for free.

Some of the common mistakes to look for on your credit reports include the use of your maiden name, inaccurate or old addresses, past due accounts that are paid off in full, and other similar issues. Obviously, clearing up these issues before they are viewed by a lender can substantially enhance the odds of a lower interest rate for your next loan. This is why it is important to always check up on your credit reports!

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