Keeping track of your credit is important when applying for a mortgage.

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Keeping Track of Your Credit


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Sometimes, credit reports are not accurate; even the reporting agencies make mistakes. If you are not careful, their mistakes can cost you money - in the form of higher interest rates. Fortunately, there is a lot you can do to protect yourself.

When you apply for a mortgage, the lender will pull credit reports from three agencies. Ask to see the credit reports. If any of the information is not accurate, call the agency. Sometimes, somebody else's accounts may appear accidentally on your credit report.

Credit reports are only supposed to show activity for the past seven years. If old information still appears on your report, contact the reporting agency, and ask them to remove it. There is no reason for you to suffer longer for a mistake than you should have to!

If you do find an error on your credit report, you should be prepared to prove that a mistake has been made. Cancelled checks, bank or credit card statements or other indicators that you have paid a bill will help the credit reporting agency understand that a mistake has been made.

Credit reports are not flawless. A little extra work on your part can save you money and aggravation. Take a look at your credit report to make sure everything is in order.