It used to be (and still is) that you could get a "Free" copy of your credit report if you were turn down for employment or got denied some kind of credit. (credit card, home loan, etc.) The Fair Credit Reporting Act (FCRA), requires credit bureaus to report information accurately and to remove or correct credit report information that is outdated or inaccurate. This federal consumer protection law also requires credit reporting agencies, under certain conditions, to provide you with a free credit report.

The three national credit reporting agencies are Experian, Equifax and Trans Union. We recommend that you request a report from each credit reporting agency. Here’s why: mistakes or inaccuracies impact millions of Americans and can have a very negative impact on your credit – even though the information reported is not accurate. Experian, Equifax and Trans Union are three entirely different companies. That’s why you need a copy of all three of your credit reports to make sure they are all reporting accurate information about you. If you find inaccuracies on your credit report, you can take immediate steps to correct your report.

Some things that can affect your credit are:
Income: Regular and documentable income. Lenders want to see a steady income from month to month and a stable work history.

Assets: Savings, investments, retirement funds, cars and other valuables that are "liquid" or can easily be converted into cash.

Liabilities: Debts such as loans, credit card balances, and other consumer debt.

Other Financial Information: Situations that could affect payments, such as lawsuits, collection activity, recent bankruptcy or property foreclosure, obligation to pay alimony or child support, or being a co-signer on another loan.

Payment History: Making timely mortgage or rent payments is very important. Paying late just once by 30 days or more can affect both the loan and the interest rate offered to you. Late payments on credit cards, car payments and other bills are also factors.

Credit Reports: National credit bureaus collect information and provide reports to home lenders and other creditors. Credit reports include details on credit accounts and information on your payment history.

Debt-to-Income: Monthly debt expenses and income get converted to a debt-to-income ratio. While there isn't a standard, lenders often have a maximum number that they will allow a borrower to have.

Here is how you get a "Free" credit report without hurting your credit. Click here to start the process. You will go to a page that will let you receive a copy of your credit report free online or by mail. They let you try the credit monitoring free for 30 days. Anytime before the end of your trial offer you can call a number and cancel the trial memebership. There is no obligation and this offer is risk free for the first 30 days. If you find that the credit monitoring service is something that you like there is a small monthly or yearly fee.

In short, just because you make a lot of money doesn't mean you will automatically get a loan. If you make a lot of money but have a lot of debt you will have a tough time getting a loan with a low interest rate. Remember good credit makes it easier to get a loan when you need it, and helps you get lower interest rates when you borrow. Unfortunately, credit problems if you have any don't go away overnight. Late payments made a year or more ago can affect your credit history today. Major problems, like bankruptcy or a loan default, appear on your credit record for years. Making sure information is reported correctly is very important so stay informed of what is on your credit report so that when it is time for you to borrow some money you don't have any suprises.