If you already have excellent credit and sparingly apply for new credit, checking your credit reports once a year might be sufficient. However, if you are in the process of rebuilding your credit or preparing to make a large purchase within the next year, you will want to take a look more often. Once every three months is a good place to start. Credit reports are long, so which information should you look at first? Here are the top five things to verify when reviewing you reports:

Are you ready to take matters into your own hands and improve your credit? If so, congratulations for having the courage to do something about your credit problems. Many people choose to avoid the issue in every way possible, so you are taking an important step in the right direction. Making the time to repair your own credit is also an excellent alternative to paying an expensive credit repair agency to accomplish tasks you can complete right from the comfort of your home.

Existing credit card customers are of great value to credit issuers, and that will never change. In fact, some analysts estimate it costs credit card companies more than $200 to acquire a new customer. Therefore, once they have you, they really don't want to lose you. So if you are unhappy with your current interest rate, the best thing to do is simply pick up the phone, call the number on the back of your credit card, and tell them what you want. You may be surprised how easy it really is.

Identity theft scammers never grow tired of finding new ways to deceive the unknowing into divulging personal information over the phone. In fact, the Federal Trade Commission recently reported that identity theft scammers are hard at work using the looming election day as a new way to steal your personal information. Don't be fooled - protect yourself and your credit score!

Credit card delinquencies are soaring in 2008 as consumers continue to struggle with the subprime loan crisis, higher energy prices, and a sputtering U.S. economy. In fact, some experts estimate a quarter of American households are behind on at least one bill by a month or more. If you know you will have to miss a credit card payment this month, do yourself a favor and plan ahead instead of ignoring the inevitable consequences.