Lenders and creditors use your credit report to determine whether or not you are eligible for loans, credit cards, or other services. When you pull your own credit report, you should be looking for three things: your credit score, identity theft, and mistakes.

Your Credit Score

Your credit score is a three-digit number that appears on your credit report. Credit scores range between 500 and 850. The higher your credit score is, the better your chance will be of getting credit.

Knowing your credit score gives you the opportunity to determine how likely you are to get credit before you apply for it. It also helps you anticipate how high of an interest rate you will pay on loans and other lines of credit.

Identity Theft

Unfortunately, identity theft has become a common occurrence. People may use your information to commit fraud and make purchases in your name. You can fight identity theft by monitoring and reviewing your credit report on a regular basis. If you see anything suspicious, you can file a complaint immediately and possibly save yourself from financial devastation.

Mistakes Happen

You should check your credit report for accuracy. Mistakes happen, but you dont want to be denied credit because of them. Always look over your credit report carefully, checking your personal information, marital status, account status, open creditors, and payment histories. If there are any errors on your credit report, it is your responsibility to report them.

Its Your Credit Report

Because other people are using this report to judge you, it only makes sense for you to pull your own credit report and see exactly what theyre looking at. By law, you are entitled to one free credit report per year. Take advantage of the opportunity and check your credit report on a regular basis.