A relatively high percentage of credit reports contain errors. These errors can lower your credit score and cost you big bucks in terms of interest rates or qualifying for an interest-only mortgage loan rather than a 30-year traditional fixed-rate, for example. Therefore, it's a good idea to check your credit report for mistakes.
Look for the following:
• Identifying information that has you mixed up with someone else's activity
• Incomplete information
• Accounts that don't belong to you
• Payments reported as late but that you paid on time
• Debts paid in full that still show an outstanding balance
• Late payments and other negative events that took place more than 7 years ago, 10 years for bankruptcy
