If you're planning to apply for a mortgage, your first step shouldn’t be house hunting—it should be checking your credit report. Your credit profile plays a major role in determining whether you’ll be approved for a loan, how much you can borrow, and what interest rate you’ll receive. Catching and correcting mistakes early can save you time, stress, and potentially thousands of dollars.
Where to Get Your Free Credit Reports
Under federal law, you’re entitled to one free credit report per year from each of the three major credit reporting agencies: Experian, TransUnion, and Equifax. The only official site to access these reports is AnnualCreditReport.com.
We recommend pulling all three reports at the same time to compare them side by side. While each report should generally reflect the same information, discrepancies can occur—and it’s important to spot them before lenders do.
What You’ll See in Your Credit Report
Your credit report provides a detailed history of your financial behavior and current standing. Here’s what you can expect to find:
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Payment history – Whether you’ve paid your bills on time or missed payments.
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Outstanding debts – Including credit card balances, auto loans, student loans, and other credit accounts.
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Loan history – Details about both current and past loans.
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Bankruptcies – Any history of Chapter 7 or Chapter 13 filings.
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Legal judgments – Including lawsuits, liens, or wage garnishments.
Each of these components can affect your mortgage eligibility and the terms you're offered.
Why Reviewing All Three Reports Matters
According to the Federal Trade Commission, about one in three Americans finds an error on their credit reports. These errors—ranging from inaccurate late payments to accounts that don’t belong to you—can lower your credit score or raise red flags for mortgage lenders.
It’s also worth noting that the credit bureaus operate independently. They don’t share information, don’t report your credit score, and don’t correct each other’s errors. That means you’ll need to check each report individually and contact the appropriate bureau or creditor if you spot a problem.
How to Fix Credit Report Errors
If you do find a mistake, here’s what to do:
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Gather Documentation – Proof of payment, identity documents, or correspondence related to the account in question.
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File a Dispute – Each credit bureau has an online portal for disputes. You can also send a written letter via certified mail.
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Follow Up – Credit bureaus are legally required to investigate disputes within 30 days, though it can take longer in some cases.
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Check Again – Once the dispute is resolved, re-check your report to confirm the issue has been corrected.
Don’t Overlook the Basics
In addition to checking your financial history, take a moment to verify your personal information. Ensure that your full name, address, date of birth, and Social Security number are all listed correctly. Even a minor error—like a misspelled name or incorrect address—can delay your mortgage approval or cause confusion during underwriting.
Final Thought
Applying for a mortgage is a major financial milestone, and your credit report is one of the first things lenders will scrutinize. Take the time to review your reports early in the homebuying process. Identifying and resolving any inaccuracies now could mean the difference between a smooth loan approval and an unexpected roadblock later on.
Want more mortgage tips or help navigating the home buying process? Reach out—I'm here to help!
