It is important to have credit related information on ourselves. We should know whether we are eligible for the loan that we think we can get. We should know what is the interest rate that we are actually paying on our credit card. The credit ratings and transactions are compiled by 3 agencies : Experian, TransUnion and Equifax. Getting a report from each will be costly. Hence, government has created a Free Credit Report which is available for all consumers. This is mandated by law and is available for everyone.