When it comes to the term “free credit report” most consumers automatically associate such a thing with those who are in financial straits; those who are facing problems on their credit report or the possibility of identity theft and need to check in to make sure that all is well and that improvements are being made. This, however, is only one part of the truth.

Our credit report essentially sums us up on paper for those potential lenders who may be considering lending us the money for a home purchase, the purchase of a car, college tuition payments, home improvements, and the like. Additionally, our credit report may even be viewed by those who are considering renting us an apartment or hiring us for a job. Our credit report – and the credit score that accompanies it – tells lenders (and others) what they want to know about us in terms of our sense of fiscal responsibility and our overall trustworthiness. It does not, however, say everything there is to say about us; it does not explain why payments were late or give an explanation for a loan default. And so, without our input, our credit report can paint a picture of us that may not be entirely accurate.

This is why it has always been so important to stay engaged in what is being reported through our credit report. For those who have credit problems in the past, or are experiencing them now, this is especially important as they can often work with creditors to remove particular items that may not be reflective of the consumer’s current financial situation. By getting free credit reports from each of the credit bureaus – Experian, Equifax, and TransUnion – something that can be done online within a matter of moments - those with credit problems can know where they stand and what they need to do in order to improve their situation.

In the next post, we’ll explore how free credit reports can also be imperative for those in good financial standing.

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