Time to get a free copy of your credit report.

Tomorrow is the third anniversary of a federal provision that lets consumers in Rhode Island and other Eastern states obtain a free copy of their credit report once every 12 months.

The next 12-month cycle starts tomorrow.

So, assuming that you’ve faithfully taken advantage of this provision every 12 months since the provision took effect in September 2005, you may order a free copy of your credit report starting tomorrow.

Yes, you can try one of those “free credit report” offers advertised on the radio and TV.

But they typically charge you — if not for the credit report itself, then for various related services.

Instead, order a copy at no charge — and with no hidden fees or long-term contracts — directly. Use the clearinghouse that the big credit reporting companies have established to handle such requests based on the terms of federal law. Use any of the following methods:

•Call toll-free at (877) 322-8228.

•Order online:

www.annualcreditreport.com

•Use the Web site above to print out a request form. After you complete it, mail it to: Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281.

Technically, you may order a copy of your credit report any time in the next 12 months.

But the sooner you obtain your report, the sooner you can check to see if there are any errors or other problems that might sully your credit record, said Steve Grasso, chairman of the Rhode Island chapter of the Financial Planning Association, a trade group for financial planners and others.

“It’s preventative medicine,” Grasso said in an interview at his office on Park Avenue in Cranston, where he is a financial adviser for the Cranston branch of the Edward Jones investment firm.

A credit report — sometimes called a credit file — is the official record of your personal credit history. It includes details on your car loans, credit card accounts, mortgage loans and other items.

In other words, it’s a snapshot of your financial life, credit expert Steve Bucci of Narragansett says in the newly updated edition of his book, Credit Repair Kit for Dummies.

The report brings into focus the details of your spending and borrowing. Lenders use the information in the report to help decide whether to give you credit, and on what terms. Others use the information, too.

“A bad credit report may affect what you pay for insurance, whether you can rent the apartment of your choice or whether you’ll be hired for certain jobs,” according to Bucci.

If you expect to take out a loan in the near future, you need to know, in advance, what your credit report looks like.

Even if you don’t plan to borrow, you should check your credit report to help thwart identity theft, said Grasso, a Certified Financial Planner practitioner.

Thieves may try to use your name, Social Security number and other personal information to create false identities for financial misuse.

It’s helpful to carefully review your credit report to make sure nobody has obtained credit in your name without your approval, Grasso said.

Once you receive your report, review it for errors. Make sure, for example, that it accurately lists your personal information — including your name, address and Social Security number.

Also check to see if you have any accounts that you may not have used in years but which nevertheless remain open.

Look for accounts or other activity that shouldn’t be listed — items that could hurt your credit, Grasso said.

A few other points:

•At any time in the next 12 months, you may obtain a free copy of your credit report from each of the three big national credit reporting companies — Equifax, Experian and TransUnion.

Instead of ordering a copy from all three at once, consider spacing out your requests. For instance, you might order your Equifax copy in September, your Experian copy in January and your TransUnion copy in May. In September 2009, start the process again. That way, you can monitor your credit report throughout the year, at no charge.

•Remember that credit reports are maintained on individuals, based on Social Security numbers. So if you’re married, each spouse should obtain a copy of his or her own credit report.

•Consumers in some states, such as Massachusetts, are also eligible for a free credit report based on their own state laws. Also, you can always obtain a free copy of your credit report in certain circumstances — if, for example, you’ve applied for credit but have been denied, Grasso said.

TODAY’S TIP: Is the money you have on deposit at a bank covered by federal insurance?

The Federal Deposit Insurance Corp. (FDIC) has published a new, plain-language guide with answers to questions you may have about the insurance rules.

It’s part of the latest issue of the agency’s newsletter, “FDIC Consumer News.” (The issue also includes other topics, including what to do if your home-equity line of credit has been reduced or frozen.)

It’s available online at no charge at this FDIC Web site:

www.fdic.gov/consumernews

To obtain a free subscription to the newsletter, call the FDIC toll-free at (877) 275-3342, send an e-mail to publicinfo@fdic.gov, or write: FDIC Public Information Center, 3501 North Fairfax Drive, Room E-1002, Arlington, VA 22226.

Questions about your money matters? Call us at 1-401-277-7484 and leave a message, or e-mail:

moneyline@projo.com

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