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.

7. You can make sure that no lender has misinterpreted a request for information as a full application. Multiple applications in a short period of time can make other lenders worry that you're desperate for money or even fear that a fraud is being planned.

8. You can check your own credit report as often as you like without having any damaging effect on your credit rating. Lenders don't see the record of your own checks on your credit report – these visits are only visible to you and the credit reference agency that stores your report, so they cannot have an impact on your credit score, either positive or negative.

9. If you spot any clerical errors or misunderstandings, you can get them corrected by contacting the relevant lender. You can also add a note of explanation if circumstances explain a past credit problem – for example, you might have missed a few repayments because of an illness. Be prepared to provide proof.

10. Regular checks on your credit report are recommended by the Home Office as an effective method of protecting yourself from ID fraud. You can spot any unfamiliar or suspicious applications or accounts and alert lenders and the authorities.

• To find out what your credit report says about you, you can check your Experian credit report online with a free trial of CreditExpert, the UK's leading credit monitoring and identity fraud protection service