Get the Facts About Your Credit

Many financial advisors and consumer advocates suggest that you review your credit report periodically.

The information your credit report contains affects whether you can get a loan -- and how much you will have to pay to borrow money.

You should make sure the information is accurate, complete, and up-to-date before you apply for a loan for a major purchase like a house or car, buy insurance, or apply for a job.

Protect yourself against identity theft. That’s when someone uses your personal information--like your name, your Social Security number, or your credit card number--to commit fraud. Identity thieves may use your information to open a new credit card account in your name. Then, when they don’t pay the bills, the delinquent account is reported on your credit report. Inaccurate information like that could affect your ability to get credit, insurance, or even a job.