If you haven’t checked your credit report in the last year, you will want to do this before you apply for a home loan.  What is your credit report?  It’s made up of any and all information obtained from businesses that have loaned you money in the last ten years.  If you haven’t borrowed any money for school or for a car or opened any charge accounts, you may not have a credit report.

The information on your report may or may not be correct.  Sometimes, errors are made when the data are entered.  Sometimes, other people’s information can get on your credit report by mistake.  old credit accounts, which you no longer use, may still be showing as “open” on your report.  Some accounts, which were past due but have been paid, might still show a balance due.

We recommend checking your credit report once a year.  If you don’t want to bother with this, be sure and check your credit with a good mortgage consultant if you plan to buy a house in the next year.  If it needs to be updated to make it more accurate, this will give you plenty of time.