If you’re thinking about taking out a loan, your credit report is one of the most important tools in your financial toolkit. It gives you — and lenders — a snapshot of your credit health, including payment history, open accounts, and overall debt.

Surprisingly, nearly half of all U.S. adults haven’t checked their credit report or score in the last six months. Don’t let that be you.

What Is a Credit Report?

A credit report is a detailed record of your credit history, compiled by one of the three major credit bureaus: Equifax, Experian, and TransUnion. It includes:

Credit card and loan balances
Payment history
Credit limits
Length of credit accounts
Public records like bankruptcies or tax liens
Credit inquiries

Lenders use your credit report to evaluate your creditworthiness, especially for unsecured loans or if you have bad credit.

How to Get a Free Credit Report

By law, you’re entitled to one free credit report per year from each of the three nationwide credit bureaus. Here's what you’ll need:

Required Information:

Full name
Address (current and previous, if applicable)
Date of birth
Social Security Number

Ways to Get Your Report:

Method	Steps	Bureaus	Frequency	Cost
Online	Go to AnnualCreditReport.com and follow the prompts.	All three	Once/year	Free
Phone	Call 1-877-322-8228	All three	Once/year	Free
Mail	Complete the Annual Credit Report Request Form and send it to the address provided.	All three	Once/year	Free
Direct from Bureau	Visit each bureau’s site (fees may apply for extra reports).	Individual	Varies	Varies
Credit Monitoring Services	Sign up with a third-party provider.	Varies	Varies	May incur fees

When Should You Check Your Credit Report?

Before applying for:

A personal loan
A mortgage
A car loan
An apartment lease
A new job

Checking your report ensures accuracy and lets you spot fraudulent activity or errors that could damage your score.

What’s Inside a Credit Report?

Each report generally includes these five sections:

Personal information. Name, address, date of birth, SSN
Credit history. Active and closed accounts, balances, payment status
Public records. Bankruptcies, judgments, liens
Hard inquiries. Applications for credit in the past 24 months
Soft inquiries. Background checks and account reviews that don’t affect your score

Does Checking Your Credit Hurt Your Score?

No — requesting your own credit report is a soft inquiry and does not affect your score.

Only hard inquiries, like when you apply for a loan or new credit card, can slightly impact your score. However, multiple inquiries within a 14–45 day window for the same type of loan (e.g., auto or mortgage) are usually treated as a single inquiry.

How to Protect Yourself from Identity Theft

Here are practical steps you can take to secure your financial identity:

Use strong, unique passwords (or a password manager)
Enable two-factor authentication on financial accounts
Check your credit reports regularly
Shred sensitive documents before disposal
Secure your mailbox
Limit personal info on social media
Use only secure Wi-Fi networks
Update your software and devices
Review your bank statements frequently
Freeze your credit if you're concerned about fraud

What to Do If You Spot Fraud on Your Credit Report

If you find unauthorized accounts or suspicious activity:

Contact the bureau immediately:

Equifax: 1-800-685-1111
Experian: 1-888-397-3742
TransUnion: 1-888-909-8872

Report the fraud to the FTC at ReportFraud.ftc.gov
Dispute the error directly with the credit bureau through its online portal.

Where to Check Your Credit Score

Your credit score isn’t included in your free report, but you can access it through:

Your credit card issuer or bank
Online tools like Credit Karma or Credit Sesame
Directly from credit bureaus (may charge a fee)
Some loan providers, after an application

Ways to Improve Your Credit Score

Improving your score takes time, but you can start with:

On-time payments
Reducing debt
Using less than 30% of your credit limit
Avoiding unnecessary hard inquiries
Using credit responsibly over time
Monitoring your reports for errors

Consider talking to a non-profit credit counselor or financial advisor for personalized guidance.

Frequently Asked Questions About Credit Reports

Here are questions people often ask about credit reports.

How often should I check my credit report?

At least once per year from each bureau — more often if you're applying for a loan or suspect fraud.

How do I dispute an error?

Contact the relevant bureau online, by phone, or by mail. Provide evidence and monitor the resolution.

What’s the difference between a credit report and a credit score?

Credit Report: Detailed history of your credit use.
Credit Score: A number (typically 300–850) calculated from your credit report data.

Finance Terms 101

Understanding Your FICO Score: What It Is and Why It Matters

Why Your Credit Report Matters