In the last post we talked about the importance of really taking a step back and looking objectively at your credit report; something that can very easily derail financial plans that many people may have in their heads - including the purchase of something fun or travel plans. The fact of the matter is that if you don’t have a complete picture of your finances then it’s easier to make plans with abandon; when in reality these are plans that you really can’t afford. When you are ready to really get serious about your finances, however, the first step is making sure that you get a copy of your credit report from each of the three credit bureaus. Your credit report is the most complete picture of your finances and will give you the most comprehensive understanding of what you are up against in your quest to get financially informed.

Ordering free credit reports is the best way to go. Luckily we are all able to order a free credit report from each of the credit bureaus once within every twelve month period. Free credit reports can give you a variety of information; telling you:

• If there are mistakes on your credit report. One credit bureau may be reporting erroneous information that could be impacting your credit score and ability to get a loan. Having your credit report in hand will allow you to catch potential mistakes and take care of them quickly.

• What your credit score is and how it moves. You need to know where you’re starting before you can get to work. Your score is likely differ – albeit slightly – between the credit bureaus but you’ll get a general idea of your standing. Then you can watch it change as you make financial changes.

• If there’s anything strange going on. Free credit reports are a good way to catch identity theft because you will be well aware of the information on your report and will notice if things change drastically.

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