Even if you're not thinking about applying for a loan or credit card in the near future, it's always a good idea to look at your credit report and scores. You should check your personal credit report and score at least twice a year to make sure that all of your personal information is accurate.

Why It's Important:

Identity theft is a problem that is not going away any time soon. An identity thief can steal your identity and do serious damage to your credit in less time than it takes to boil water. Checking your credit report and scores regularly ensures you notice any suspicious activity right away.

How To Do It:

The Federal Trade Commission allows consumers to obtain one free credit report annually via AnnualCreditReport.com.

Under federal law, you're entitled to an additional free credit report if you are denied credit, insurance or employment and ask for your report within 60 days of receiving notice of your denial. The written notice you should receive should also list the name, address and phone number of the company to contact to obtain your report.

If you want to keep extra close tabs on your credit report and scores, a site you might want to consider is Quizzle. Quizzle has been mentioned in the Wall Street Journal, USA Today and CNN for being one of the best places to get a complete understanding of your credit. They offer a free Experian credit report, credit score and more.

How They Work:

While your credit report and scores never really "expire," your credit profile could change based on the financial decisions you make on a daily basis. One late payment or new credit account could make your credit report and scores go up or down, which is why most lenders request to pull your credit when you're applying for a loan. Your credit score has a direct impact on your ability to be approved for a loan, and each lender has its own cutoff points and underwriting guidelines.

Keeping up on your credit report and scores is more important than ever. If you want any kind of loan or if you're thinking about taking advantage of the record low mortgage rates we've been enjoying over the past year, make sure you're watching your credit closely. You'll be taking the proper measures to protect yourself from identity theft, and you'll be preparing yourself for any loans you may want to take out in the future.

The long-awaited housing recovery is beginning to blossom, according to industry experts taking a look at recent existing-home sales.

Paul Dales, chief economist at Capital Economics, says "it is clear that a housing recovery is now well underway."

Lawrence Yun, chief economist for the National Association of Realtors (NAR), concurs with Dales' assessment, saying "The pattern of home sales in recent months demonstrates a market in recovery."

The evidence: home sales have been on the rise for the past three months, posting a 5 percent increase in December.

In addition to the 5 percent increase in December, NAR reported a 1.7 percent annual increase in existing-home sales in 2011, a total of 4.26 million homes for the year.

Housing inventory is on the decline and fell to its lowest level since March 2005 last month, according to NAR. Approximately 2.3 million homes are available for sale currently.

"The inventory supply suggests many markets will continue to see prices stabilize or grow moderately in the near future," Yun said.

However, listed inventory is only part of the equation, and according to CoreLogic's latest numbers, shadow inventory stands at about 1.6 million.

Regardless, Dales believes sales will rise this year. "Housing still won't contribute much to GDP growth over the next few years, but at least it will no longer subtract from it," Dales says.

The REO (Real Estate Owned) to Rental Industry is about to explode with an onslought of reposessed homes turning into rental property. Here's the story from CNBC News…

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Consumer expectations for U.S. home prices perked up in December, matching a modest fourth-quarter improvement in the U.S. economy, according to a monthly survey from mortgage market firm Fannie Mae.

For its December reading, Fannie Mae said survey respondents now expect home prices to rise by 0.8% over the next year, up from the 0.2% gain predicted in November.

Views on the direction of the U.S. economy also improved: 22% of respondents indicated a belief that the U.S. economy is on the right track, marking a 6-percentage-point jump from November's survey.

On personal finances, 40% of respondents said they anticipate their personal financial situation to strengthen over the next year. Fannie Mae noted the response marks the first time since February that a larger share of respondents indicated they expect improved personal finances rather than finances that will remain the same over the next year.

Despite the marked improvement in consumer sentiment, Fannie Mae Chief Economist Doug Duncan cautioned that consumer attitudes remain at depressed levels, with over two-thirds over respondents in December's survey still indicating a belief that the U.S. economy is headed in the wrong direction.

The survey is based upon a monthly poll of roughly 1,000 adults and has a margin of error of plus or minus 3.1%.

Even though tax day is still more than 2 months away, it's never too early to start gettin yourself organized and ready to file, so you're not one of the millions of procrastinators who wait til the last minute to file, or have to file an extension because you just weren't ready.

This is one in a series of occassional articles about your taxes. For other tax related articles, click the "Taxes" Category to the right to see our full list of tax related content and tips.

1. Know your filing status — If you're single, you can't declare on your tax forms and returns that you are married nor can you claim someone as a dependent who isn't. Unfortunately, tax forms including W-4 forms are sometimes incorrect. These forms should reflect your tax status as of December 31 of the filing year, and should be reviewed by you annually. Your marital status may have changed as might the number of dependents you have.

2. Keep your receipts — Receipts are important and should be kept on hand, offering proof of purchases made or donations given. If donating to a charity, you'll want to get a receipt from that organization showing the items you donated. You may be able to value these gifts yourself too.

3. Use tax prep software — There are a number of tax preparation software programs available for you including TurboTax, TaxACT, Tax Cut and Tax Works. Such programs are inexpensive and can be ordered online and downloaded to your computer. Unless you're using the services of a tax prep professional, these programs are an excellent alternative and can save you money.

4. Take a loss — Stocks or bonds that are performing poorly may not be worth holding onto. If you anticipate that you'll lose money on the sale of such investments, take the loss and show it on your income taxes. That loss will reduce your tax burden. You can reduce it further by donating your investments to an eligible charity. Note: In order to take a loss for last year, the loss must have been recorded last year. You can't sell poorly performing stocks or bonds now, or you'll have to claim them NEXT year when you file for this tax year.

5. Fund your retirement plan — If you have a retirement plan, the funds you contribute are generally not taxable until you begin to make withdrawals. See your financial advisor to discuss options that are available to you. Prepare for the future and keep your money out of the hands of the federal government.

6. File on time or obtain an extension — Failing to file on time can lead to serious consequences. If for some reason you can't finish your taxes by April 17 (you get two additional days this year), request an automatic 6-month extension to October 15. Whatever money you owe the IRS still has to be paid by April 17th, but the later filing deadline can buy you some much needed time as you finish gathering your documents.

We'll have more tips on taxes as we get closer to filing time in April. Stay tuned!