Your credit reports affect more than loan approvals. Insurers in many states, landlords and some employers may look at credit information too. Reviewing your reports once in a while helps you catch errors or signs of identity theft before they cause bigger problems.

You can request free copies of your reports from each of the major credit bureaus. Look through each one for accounts you don't recognize, incorrect late payments, wrong balances or addresses that aren't yours. Check that your personal details are correct as well, since mixed-up files can happen with people who have similar names.

If you find a mistake, you can dispute it directly with the credit bureau that's reporting it, and keep copies of everything you send. If you see signs of fraud, consider placing a fraud alert or freezing your credit, which can make it harder for someone to open new accounts in your name. A freeze is generally free and can be lifted when you need to apply for credit.