In the last post we discussed how even the best laid financial plans can quickly become vulnerable to life changes large and small. A divorce, a birth, a death, a job loss or career change – among a host of other events – can catapult us into financial distress and without proper preparation we are vulnerable to damage to our credit report and even longstanding financial problems. However, by taking matters into our own hands quickly and proactively we stand a very good shot of getting back on our financial feet quickly without incurring long term damage.

The first step in taking financial control is the procurement of a free credit report. Our credit reports are our financial calling card; potential lenders look to our credit report to decide if we are in fact creditworthy enough to extend credit lines; in fact our credit report is a resource for those looking to hire us, rent us an apartment, and even offer us a mortgage for a home. It is essential, therefore, that every consumer know what is on their credit report and how it ultimately affects their financial standing.

Luckily, free credit reports are offered to consumers once within every twelve month period and can be requested from the three big credit bureaus through a central website called www.annualcreditreport.com. Through this website, consumers are able to request free credit reports from each of the credit bureaus. Because this is offered once every twelve months, it makes the most sense to request one credit report from each credit bureau throughout the course of that year; that way you are always generally aware of what is on your credit report and can quickly respond to any possible issues. The information held on by the credit bureaus – while possibly differing slightly – is generally the same in most cases.

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