Under current fair credit legislation, all Americans have the right to ask for a free credit report once per year. This is an expansion over the old policy of only getting a credit report if you are denied credit. I recommend that you take advantage of this legislation.

You can call an automated service at (877) 322-8228 and ask for your report. Be careful, the voicemail system gives the appearance of hoping you’ll select the wrong option so they can hang up on you. But if you listen carefully, it only takes a few minutes to navigate the maze and make your request. The last part is the trickiest. Once you ask for a report from one company (there are three major players in the US and it is important to check all three reports), stay on the line and keep asking for more reports until you have requested all three.

You can also request instant access online, but I would not do this unless you are in a hurry. I still like printed records when the subject is important given how easy it is to modify an electronic document. By calling via the toll free number, you ensure that you will be mailed a hard copy.

I strongly recommend that you check your report once per year even if you are sure that your credit is in great shape. This is cheap insurance toward preventing long-term identity theft. If someone does try to steal your identity, you’ll be able to see activity that you do not recognize when you get your report. Consider this exercise cheap insurance; an annual financial checkup.

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