Your assignment is to evaluate how you are doing, as far as the U.S. financial system is concerned. Since credit evaluation and credit scoring are important tools in the acquisition of a home and other important purchases, it is important that you understand where you stand as far as the financial system is concerned.

Your first assignment is to get a copy of your credit report. If you are from the United States, you can, by law, obtain one free copy of your credit report each year from one of the major credit report suppliers (Experian, TransUnion, or Equifax). Go to www.Annualcreditreport.com and supply the necessary information. You will select one of the major providers and input the necessary identification information, and the credit reporting agency will provide you a copy of your credit report online. You will also have the option to purchase a copy of your credit score for $6.00 from Experian (the cheapest option). Please purchase a copy if you have not done so in the last six to twelve months. You can also go to www.Myfico.com; for $14.95, you can get both a copy of your credit report (from your choice of supplier) and your FICO credit score.

Once you have your credit report, read it very thoroughly and ensure that it is accurate. If there are problems, follow the process we discussed to improve your score and remove inaccuracies from your credit reports.

Next, review your credit score. Read through your credit score report in detail. Write down the things that you could do to improve your credit score and work on those things.