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Credit information, whether good or bad, remains on your credit report for a period of seven years. So, it makes good sense to know what's on your credit report, especially if you're considering applying for a mortgage or a new home loan.

When Good Credit Goes Bad Before you insist that you've never once made a late payment or that your credit history is unremarkable, keep in mind that errors do happen. That being said, errors in credit reports can actually be quite common.  Think for a moment about mail containing misspelled names or addresses. Then, imagine the possibility for errors in a credit report, a document that actually contains much more pertinent personal information about yourself (social security number, drivers license, income, loan and bank account numbers).

By reviewing your credit report periodically, you can reduce or eliminate these costly errors. Steps To Maintaining Good Credit To reduce your chances of encountering an unwelcome credit surprise, consider the following helpful hints:

1. Obtain a copy of your credit report prior to applying for a new home loan and, at a minimum, once a year.

2. If you detect an error, contact the consumer credit reporting agency immediately.

3. Present a brief statement clarifying any inaccuracies. Simply explaining delinquencies won't help you plead your case.

4. Have corrected credit reports sent to all previously requested parties.

5. Follow-up on your credit history to ensure your report reflects accurate information.

When Bad Credit Really Is Bad Credit If you are applying for a new home loan, but already know you have blemishes on your credit report, don't give up. There are organizations that can help solve your credit problems and get you back on track.

By developing a budget, consolidating expenses, and preparing a plan for the future, you can apply for that mortgage and obtain the new home loan you've always dreamed of. All it takes is a little discipline, perseverance, and a solid financial game plan. Look for an advisor or organization in your area and turn your poor credit into great credit today.  Resources www.annualcreditreport.com National Foundation for Consumer Credit.

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