If you are like most people you don't even know your own history.  Your credit history impacts your everyday life, and yet you may not have ever given it any thought. While most of us have a general idea that it a positive thing to have good credit, we may not have any real sense of what determines our own credit or even what our own credit rating is.

Each of us has a consumer credit report that contains four kinds of information:

Identifying information such as your name, previous and last known addresses, marital status and spouse's name, Social Security Number, date of birth, number of dependents, and past and present employment.

Credit information such as account numbers, names of creditors, amount of last payment on any debts, credit limit on accounts, and whether payments on accounts have been on time.

Public record information such as tax liens, court judgments, and bankruptcies.

Inquiry section which shows all creditors, employers and others who have ever asked for a copy of your credit report.

The information from your credit report provides anyone who inquires with this information. As a US resident you may ask the three main credit reporting companies in the country to provide one free credit report from each to in any given year. The law requires that they comply.  The three major credit reporting companies are Equifax, Experian and TransUnion, and they are all monitored by the Fair Credit Reporting Act (FCRA) to provide only correct and true information. These reporting agencies have websites and toll-free telephone numbers which you can use to order your free credit reports.  There is even a website, www.annualcreditreport.com, which will provide free credit reports from all three credit reporting companies with one order. This makes it easy to order and review your credit report.

You should review your credit report annually, or more frequently to guard against identity theft. Identity theft can occur and continue without your knowledge if you do not keep careful track of your own credit history. The longer that identity theft continues undetected, the worse the damage inflicted on your credit.

Errors on credit reports can be a problem despite the best efforts of the major reporting agencies. There may be errors in as many as 80% of credit reports.  It is up to you to monitor your own credit history and reports to make sure that the information contained is completely accurate. Information that is inaccurate or missing can cause you to be denied credit or charged higher interest rates than you actually deserve.

Once you receive your credit report, read it thoroughly and look for any mistakes, inaccuracies, or missing information. If you find and error should be bring it to the attention of the credit reporting company immediately. Credit reporting companies are required by law to correct any and all mistakes if there is proof of the mistake. The credit agencies will work to determine if the errors are real and they will usually make the changes on your credit report within a month.

Your credit history is something that will stay with you for the rest of your life and can affect your financial options and decisions.  It is well worth your time and effort to make certain that your history is accurate and updated.  After all, people will be reading it for years to come!