Your FICO score and credit report are the two most important financial indicators that you have. They are your financial reputation and are viewed any time you apply for a loan, lease, mortgage, or credit card. Everyone should request a free credit report and FICO score at least once a year. It is important that you become acquainted with your report to more easily detect any errors, outdated information, or even stop fraud and identity theft.

While there are many offline methods to obtain your FICO credit score, the easiest and most popular method is to request a free credit report online. There are dozens of reputable companies online to choose from when requesting a free report, so be sure to do some research to ensure you have found the best for your needs. When requesting your free FICO score and report, most companies will give you the option of signing up for paid services as well. These services, such as identity theft protection and credit repair assistance, are completely optional and do not need to be purchased to receive your report.

Once you have received your report you will want to do two things right away. The first thing you will want to do is to carefully review your report for any errors or outdated information. Up to 80% of all credit reports contain errors, outdated information, or fraudulent entries, which can have a devastating negative impact on your score. If you find anything that looks out of place, be sure to use the included contact information to notify the appropriate reporting agency.

The second thing you will want to do is see exactly where your credit score falls on the FICO scale. Use the scale below to determine where your credit stands:

• 800 - 850 Excellent Credit
• 740 - 800 Great Credit
• 700 - 740 Good Credit (US Average)
• 600 - 700 Okay Credit
• 500 - 600 Poor Credit
• 300 - 500 Bad Credit