Posted on Sat, Dec. 01, 2007

At least once or twice a year, make a point of checking your credit reports for inaccuracies. Up to 25 percent of credit reports are said to contain some false information, due to glitches or identity theft.

Having a problematic credit profile makes you appear to lenders as a higher credit risk and, therefore, can cause you not to qualify for the lowest interest rates on loans and credit cards or even the best car insurance rates or cellphone plans! Fixing errors in your credit profile can boost your credit score and save you thousands in the long run.

American consumers are entitled to one free credit report every 12 months from each of the three major credit reporting bureaus -- Experian, Equifax and TransUnion. To obtain your free annual reports, call 877-322-8228 or get them online at www.annualcreditreport.com (and only this site -- beware of imposters!). Be prepared to verify some identifying information, such as the amount of your monthly auto payments or which bank financed your mortgage.