Why Do I Need It?

While many people think credit is only important for getting a loan, there are many other times your credit can affect you. Lenders, insurance companies, landlords, phone companies and even employers can look up your credit score to make decisions about you. That means that even if you’re not planning on using credit to buy a car or house, your credit score can still play a major role in the rates you pay for services and even the jobs you may be offered.

It’s also important to pay attention to your credit report to make sure there are no errors that could affect you negatively. The Fair Credit Reporting Act (FCRA) requires each of the nationwide credit reporting companies — Equifax, Experian, and TransUnion — to provide you with a free copy of your credit report, at your request, once every 12 months.

For more information on how to order your report and report any inaccuracies, visit the Federal Trade Commission’s credit information site here.