You should check your credit rating at least once every year by obtaining copies of your credit reports to ensure that all of the information they contain is correct and that you are not the victim of identity theft. Your credit rating is determined by your credit score, which is a number that reflects the information contained in these reports; your score fluctuates only very slightly from month to month, depending on how much debt you carry and whether you make your payments on time. You are entitled to one free annual credit report from each of the three major credit bureaus: Experian, Equifax and TransUnion.

On the Other: Major Financial Changes

If you are considering applying for new credit, such as a mortgage, auto loan or home equity loan, you should review your credit reports before you apply for the loan because lenders will use your credit rating as a major factor in their decision. By doing so, you will be able to appeal any errors in your credit reports before you apply.

Bottom Line

There is no single answer for how often you should check your credit report because it depends on your financial circumstances and whether you find reporting errors that need to be corrected. At a minimum, you should check your credit report at least once per year because the credit report is provided for free, but you should also check your credit score before a major financial change.

Source:

Bankrate: Check Your Credit Report Annually

Credit Report FAQ