The federal government entitles you to access your credit report each year. This provides you the opportunity to see where you stand financially as a potential homeowner. But did you know that your credit report could have errors in it? Here are some inaccuracies to look out for that could affect not only your credit score, but how lenders and creditors view your financial standing:

Personal Identity:

Look closely to ensure that your name, home address, social security number, and phone number are correct. Any mistakes in these areas could indicate identity theft or information that has been filed incorrectly under your name. Common mistakes would include the misuse of suffixes like Jr. and Sr.


Be sure to double check that your account statuses are listed correctly. If you have a closed account that appears open on your credit report, or debts that show up more than once with incorrect payment dates, these could be errors that will significantly change your credit score.


Another common error in your credit report could be the incorrect credit limit or current balance of an account. Be sure to check these numbers against your personal records to be sure they are accurately reported.

Data Errors:

In some cases, an account could be listed more than once on your credit report under different creditor. Or, there may be a correction that was not entered. To your best ability, check the data closely to be sure there are no mistakes.

It’s easy to assume that your credit report is correct, but if you don’t let the creditor know of any errors, they will never be able to remedy the misinformation. An inaccurate credit report can affect your ability to get a mortgage through the VA home loan program, so be sure to dispute any errors immediately.