Fix Those Errors on Your Credit Report

If you've been waiting for the dust to settle before you buy a home or take out some other type of loan, you first need to take a close look at your credit report.

About three-quarters of all credit reports contain errors, according to a 2004 survey by the U.S. Public Interest Research Group. Some mistakes are serious enough to prevent you from being approved for a loan.

Correcting a mistake can take 30 to 45 days, so you shouldn't wait until you are ready to apply for a mortgage to inspect your report.

You are allowed a free credit report once a year from each of the three credit-reporting agencies (Transunion, Equifax(EFX Quote) and Experian), but you have to ask for it. ...