When it comes to credit, your FICO score is what counts. If you're new to the credit or home buying game, FICO is probably a very mysterious and confusing word. You probably already know it has something to do with credit; but do you know exactly what your FICO score is and means? If not, read on.

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by Michael Anderson

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However, unlike your personal resume, you are not the one who puts it all together. The information that makes up your credit report comes from the banks and other financial institutions. They provide this information to the credit bureaus who maintain all the credit reports.

Now that you know you have a financial resume out there that is not maintained by you, wouldn't you agree that it would be a good idea to see a copy of your bureau reports before you applying for a mortgage, loans or credit cards? I mean, you would not apply for a job without reviewing and updating your personal resume would you? Exactly!

So, we agree that it is a good thing to obtain a copy of your credit reports - and I say reports because there is more than one credit reporting agency, and these reporting agencies are all independent of one another and do not share information. The next thing we need to know is, where to get these credit reports, understand how credit reports work and learn what the glossary of credit report terms are. What is a credit report?

A credit bureau report contains both your personal information, such as name address, previous address, employment history, date of birth and social security number, as well as your credit history including debt obligations both current and past, and how you have paid them, or not paid them. In other words, they report all the good and all the bad, including collections, judgments and bankruptcies. Where is my credit report free?

Credit bureaus, also known as credit reporting agencies, maintain your credit reports . They are private agencies who compile your financial credit information from the various banking and financial institutions, merchants, as well as collection agencies. What you need to be aware of is that these credit reporting agencies are independent of each other and do not share information. So, your files may be different from one credit bureau agency to the next. Also, due to the human factor in reporting the information there is a high likelihood that your bureau reports contains errors or miss-information about you. Where can I get my credit report?

There are a few different ways to obtain your credit reports for free. Today with the Internet, you can obtain free credit reports online easily and instantly. You will find options to purchase your credit report from one of the a major credit reporting agencies or a merged 3 in 1 bureau report from all three of these reporting agencies - Equifax, Trans Union & Experion. This is a great option, as they do not exchange information with each other and you will want to make sure each of these agencies is reporting an accurate picture of your credit history.

You also qualify for a free credit report when you have been denied credit or employment. Here is a more information on how to obtain your free credit report. Why should I worry if there are errors on my credit report?

The truth is, when you apply for credit, most lenders base the majority of their decision on the information found in you credit report including your credit score. Therefore, if your credit report contains errors or inaccuracies, you might not get all the credit you deserve, or you might get the credit, but at a higher interest rate. Now you wouldn't want that would you?

Make sure you report all errors found in your credit bureau report and follow up to ensure they are corrected; and remember to contact each major credit bureau agency separately. What else should I know about my credit report?

Credit fraud and identity theft are among the fastest growing crimes in America today! The rate at which these crimes are happening is astounding and every consumer is at risk. A wise consumer will take charge of their financial future and not leave it to chance. Obtaining your credit report just once is not enough. The best way to prevent being a victim is to monitor your credit bureau regularly. This can be easily done by purchasing the credit monitoring service when you obtain your credit report. Many companies provide you with a free report just for signing up for their monitoring services. This gives you unlimited access to your free credit bureau reports, so you can be pro-active not re-active!

Michael Anderson writes for http://www.goodcreditreport.info where you can find out more about good credit reports and other topics.

About the Author

Michael Anderson writes for http://www.goodcreditreport.info where you can find out more about good credit reports and other topics.

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