Its important to check your credit report because your credit report is a key element of your financial CV, which lenders look at when they decide what kind of deal to offer you – or whether to turn you down. It’s also an invaluable source of information that can help to put you in control of your finances.

1. Your credit report gives you a snapshot of outstanding credit and how well you’re managing it. It lists your credit accounts and their status in one place, so it’s much easier than digging out all your statements and bills.

2. As well as credit cards, loans and mortgages, it lists credit accounts such as mobile phone, shopping catalogues and utilities. You get the bigger financial picture in minutes – if you’re curious, you can see your Experian credit report for free with CreditExpert.

3. You can plan credit applications with greater confidence because you see what lenders will see about you and can take steps to improve your credit history if you’re concerned it won’t be good enough to get the kind of offer you want. Potential employers and landlords can also see parts of your credit report, with your permission, so it makes sense to monitor it regularly.

4. When you want to get in touch with a lender – perhaps if your circumstances change or your records are lost – there’s a convenient list of the organisations who’ve given you credit, complete with contact details.

5. There’s also a record of addresses you’ve lived at in the last six years, which is invaluable if you have to fill in forms, apply for a job or want to open a new credit account.

6. Applications for credit you’ve made in the past 12 months are listed, so you can quickly check that you aren’t reapplying to a lender you’ve already considered or who has turned you down.

>>> Read Part 2 of 10 Reasons To Check Your Credit Report >>>