If your New Year’s resolution involves your finances, a great first step is to check your credit report.

Vowing to manage one’s finances better in the New Year could be an appropriate resolution for almost anybody. You can get a bird’s eye view of what your finances look like simply by checking your credit report since it contains such a wide variety of important elements you may need to address in 2011. Checking your credit report is a must-do if your resolution is specifically raising your credit score.

One’s credit score is calculated by the 3 major credit bureaus (Experian™, Equifax™, and TransUnion™) by collecting information such as bill payment trends, outstanding debt and the number of open accounts from your lenders and creditors. Consumers should also be aware that the 3 major credit bureaus do not all report the same information so it is wise to see a report from each of them. Because this score affects whether or not funding is granted to consumers, having a good credit score is very important.

By checking your credit report, you will see a treasure trove of financial information. It’s also good to obtain your credit report prior to beginning any type of loan application, especially prior to starting the home mortgage process.

Get a head start on raising your credit score in 2011 by getting a free copy of your credit report. Everyone is entitled to one free report annually from each of the three credit bureaus. You can request your free credit report by going here.