What is in your credit report? It contains information about you. Specifically, it keeps tabs on where you have lived and how faithfully you have paid your bills. It contains a history of lawsuits and arrests (if you have any). If you have filed for bankruptcy, that fact will be in the report. The nationwide consumer reporting companies that maintain this information sell it to businesses that evaluate your financial fitness to buy insurance or receive credit. Prospective employers may want to take a look, as do possible future landlords.

It is possible for you to get a copy of your credit report for free. It is part of the Fair Credit Reporting Act (the FCRA). The Act instructs the three major consumer credit companies (Experian, TransUnion and Equifax) to make available a free copy of your credit report once a year if you request it. Making sure that the reports are accurate and private is one of the main motivations behind the FCRA. The enforcement muscle behind the FCRA is provided by the Federal Trade Commission (the FTC).

Here’s how it works. You get one free copy of your credit report from each company every year. That makes a total of three each year. The three credit reporting companies have cooperated to create a centralized location–a website–where you can request your free annual credit report. They have also provided a mailing address and a toll-free phone number.

Ordering your free reports is a relatively simple matter. Just keep in mind that you DO NOT contact the three big credit reporting companies directly. Free reports are provided only through these channels. The website is http://annualcreditreport.com. You can also order via the toll-free telephone number 1-877-322-8228. Finally, you can also request a free report by writing to Annual Credit Report Request Service, PO Box 105281, Atlanta, GA 30348-5281.

How quickly your report arrives depends on how you request it. Requests made online are usually filled immediately. That means you can request and view your free credit report in the same online session. If you call or write, your request is normally filled and sent to you within 15 days. However, the reporting companies are very serious about privacy. If there is any sort of problem verifying your identity, your request may take longer to fulfill.

By the way, do not order all three reports at the same time. Your best bet is to space out your requests and order one credit report every four months. This will let you keep up with what all of the reporting companies are doing throughout the year, without spending a dime.