There are three reasons you need to get your three main credit files from Equifax, Transunion and Experian. The first reason is that you want to audit and monitor the information being furnished to the bureaus by creditors you do business with.
Secondly, this will help you on your way to developing easy steps for improving your FICO score which will give you the credibility you need in order to get approval and low interest rates on purchases. A third reason, which is very important, is that you will be able to spot any errors or inaccuracies that will damage your rating and thus take quick action to have it removed.
If you do not get a copy of your credit report now to learn how you are rated by the creditors, there is a possibility that you are in danger of being rejected or getting high interest rates if ever you are approved for credit.
It is not uncommon for errors of facts or errors of identification to slip into one's report. The following errors are examples of what may be contained on your file if you do not take action to learn what the creditors have furnished the bureaus with. Your name could be spelt wrongly or another person's name could be wrongly entered on your file instead of your own name. This is dangerous because it will increase the chances that your rating will get mixed up with someone else's report that has a poor rating.
Remember, a low FICO score will limit your chances of getting credit approval or getting low interest rates if ever you are approved. Any erroneous information or account that can be contained in your credit report will definitely be to your own disadvantage.
You should know, however, that you have the right and power to have wrongly recorded information removed or deleted. Also, creditors, banks or any other furnisher of information have a responsibility of furnishing the bureaus with accurate information.