Never Saw It or Haven't Seen Your Credit Report in Years?
You definitely should order a 3-in-1 credit report, which includes your credit report from Experian, Equifax, and TransUnion.  Why a 3-in-1 credit report?  The three national credit bureaus do not communicate with each other, so you actually have three credit histories.  It is up to you to make sure that your credit histories are accurate, so you should get all three of your credit reports.

Mistakes DO Happen
Do you know who has had access to your credit report information?  Do you know if the information they saw is accurate?  According to a study by the U.S. Federal Trade Commission, 90% of American consumer credit reports have errors of some kind, and 29% contained serious errors like false delinquencies, judgements, and loans that don't belong to the consumer.

If you are applying for a Mortgage, Car Loan, or Credit Card
When you are considering applying for a mortage, car loan, bank loan, or credit card, you should review your credit reports and make sure all information is accurate.  Since each inquiry can count against your credit rating, make sure that your application isn't rejected based on mistakes in your credit reports.

Co-Signed a Loan?
If you have co-signed a loan for a family member or friend, their payment history will also appear on your credit reports.  Make sure you know how your credit is affected.

Renting?
If you are going to be renting an apartment, especially in a competitive market, it is wise to have recent copies of your credit reports with you while apartment hunting.  Most apartment owners or managers will want to check your credit report before approving a lease.

Divorce
Your credit may be combined with your spouse, and there may be certain transactions that you may not be aware of.  If you get a divorce, notify the three major credit-reporting agencies that your status has changed to "single."  Provide them with new addresses for both you and your ex-spouse.  Specify that all accounts should henceforth be reported separately.   Otherwise, transactions may be reported on the wrong spouse's account.  The records could get tangled and confused, especially if one of you were to remarry.  Occasionally, one or both spouses may experience credit problems during the separation period preceding the final divorce, especially if marital assets are frozen during settlement negotiations.  You will need copies of your credit reports to review with your attorney so that you can accurately evaluate how your divorce will affect you financially.

Fraud Monitoring
Someone may be committing fraud by using your identity and applying for credit in your name.  Credit reporting companies do not have to inform you of suspect items, so it's up to you to be vigilant about your credit.  You should regularly check your credit reports to make sure that all new inquiries and accounts are not fraudulent.  Make sure all information is accurate and if you suspect fraud, contact your credit reporting agency and ask that they put a fraud alert on your file.

Self-Employed?
If you have your own business, it is imperative that you regularly monitor your credit condition.  The stronger your credit, the greater your ability to secure the financing you need to properly build and maintain your company.

Financial Planning
If you use a financial advisor, it is recommended that you check your credit reports at least once a year and review it with him/her so your financial condition can be accurately assessed.

What is in a credit report?

Identifying information: includes your name, nicknames, current and previous addresses, Social Security number, date of birth, and current and previous employers.  This information comes from any credit application you have completed, and its accuracy depends on your filling out forms clearly, completely and consistently each time you apply for credit.

Credit information: includes specific information about each account including the date opened, credit limit or loan amount, balance, monthly payment and payment pattern during the past several years.  The report also states whether anyone else besides you (i.e. a spouse or co-signer) is responsible for paying the account.  This information comes from companies that do business with you.

Public record information: includes federal district bankruptcy records; state and county court records; tax liens and monetary judgments; and, in some states, overdue child support payments.   This information comes from public records.

Inquiries: includes the names of those who have obtained a copy of your credit report for any reason. This information comes from the credit reporting agency, and it remains available for as long as two years, unless a consumer requests its removal.

While there are a number of good reasons to order, review and master the details of your credit report, one primary truth cannot be avoided.    Your credit report is your electronic financial fingerprint.

You can't escape it.  It will always precede you. It represents your reputation in the personal financial community.  If it is solid, it can be one of your best assets.  If it is damaged, it can be one of your biggest liabilities.   The sad truth is that the majority of Americans have never seen their credit reports, though their credit profile affects practically every aspect of their financial lives.

There is, however, a way to see your entire credit profile as reported by all 3 bureaus in 1 report.   It is known as a 3-bureau, or triple-merged, credit report.  And, since it reports each credit account you have and indicates which credit bureaus report which accounts, you can finally see how much is known about you.