A couple of days ago, LoanShak pointed out that getting a free credit report each year is a good move for homeowners and would-be homeowners. However, with the way the rules are set up, you can go to annualcreditreport.com and get three chances to view a free credit report. Here’s how it works:

Each of the three major credit bureaus has to give you one free credit report each year. That means you get three free credit reports. But it is a good idea to check your credit report more that once each year. The solution is simple. Decide on a rotation and then get one of your free credit reports every four months. You should realize, though, that the credit bureaus may have slightly different information. The good news is that most major things (like new accounts) will show up on all three, so checking one is usually sufficient.

It is also worth noting that in some circumstances, you are entitled to a free credit report. Unfortunate circumstances like having your credit denied, or if you feel you might be a victim of identity fraud, are reasons that the credit bureaus must provide you with a free credit report. Also, realize that your credit score is different from your credit report. No one offers that for free, and you will have to pay between $5.95 and $24.95 to get it, though the credit bureaus will keep it to the low end if you are viewing your free credit report.

And watch out for those "free" credit report services that use your free credit report as bait to get you to sign up for a monthly credit monitoring service.

Tags: credit report, credit monitoring service, annual credit report, free credit report, credit score, credit bureaus