NEW YORK (CNN/Money) - Your credit report is your financial resume that's seen by creditors, insurance companies, landlords and potential employers.

That resume, however, isn't always 100 percent accurate.

In fact, a study by the Public Interest Research Group, or PIRG, found that nearly 80 percent of the credit reports surveyed contained at least one mistake and that one in four had serious errors that resulted in denial of credit or inability to attain favorable loan rates.

David Chung, interim president at CreditXpert, says those errors may include false delinquencies, bankruptcies, or tax liens.

Colorado, Georgia, Maryland, Massachusetts, New Jersey and Vermont already offer free annual credit reports, but a new federal law will allow consumers free access to their credit reports once a year from each of the three major bureaus: Equifax, Experian, and TransUnion.

The Fair and Accurate Credit Transactions Act, or FACT, will be rolled out over a nine-month period beginning Dec. 1 in these western states: Alaska, Arizona, California, Hawaii, Idaho, Montana, Nevada, New Mexico, Oregon, Utah, Washington, and Wyoming.

By March 1, residents of these midwestern states will be eligible for a free report: Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, South Dakota, and Wisconsin.

The most important financial commitment you make may be keeping your credit report error free. There's a new federal law that will help you check for mistakes - free of charge. CNNfn's Valerie Morris explains. Play video (Real or Windows Media)

Starting June 1, these southern states will be able to order free reports: Alabama, Arkansas, Florida, Kentucky, Louisiana, Mississippi, Oklahoma, South Carolina, Tennessee, and Texas.

Finally, residents in the East will get free reports starting Sept. 1. This includes: Connecticut, Delaware, District of Columbia, Maine, New Hampshire, New York, North Carolina, Pennsylvania, Rhode Island, Virginia, and West Virginia.

The six states that offer free credit reports will also fall under federal jurisdiction.

You can buy a copy of your credit report from the major agencies for $40 or less, so if you haven't checked it lately, do not wait for a free report. Make sure your credit report is error-free before it causes any financial damage.

Once you receive the report make sure your recognize the account names listed and verify whether they are still open or if they should be closed. Also, check the account balances and payment histories.

Note any errors or inconsistencies and contact the creditors to resolve them. You should also write a letter to all three major credit bureaus. By law, they have 30 days in which to respond to disputed claims.