Even if you have low income, a high credit score can be the ticket to qualify you for a mortgage enabling you to buy a house. Conversely, even with a high income, a poor credit score can undermine your attempt to qualify for a mortgage, thus, no house.

And since “luck” is simply the convergence of preparation and opportunity, you want to know that your credit is Great!! (and ready for the potential lender)

The problem is that mistakes, even small ones, on your credit report are fairly common and can cause your score to plummet. The lender, or for that matter, a potential landlord or employer, isn’t necessarily going to wait around for weeks or months while you try to straighten it out with the credit reporting agencies.

Sometimes, incorrect information is a result of identity theft, sometimes it is sloppiness on the credit bureaus’ part. Either way, you should make sure they are getting it right.

Recent changes to the federal Fair Credit Reporting Act (FCRA)allow you to get a FREE copy of your credit report annually. Visit http://www.annualcreditreport.com or call 877-322-8228 to get your free report.

If you find errors:

1. file a complaint with the credit reporting agencies (names and addresses below) clearly stating which item is incorrect

2. explain why it is incorrect

3. suggest what action should be taken to correct it. For example, remove the item from your report. Or investigate identity theft. Or change the payment history to show “on time” rather than 30 days late.

4. include your mailing address for them to respond to

5. include your full name, social security number, and birth date for reference

The 3 major credit reporting agencies and their mailing addresses are:

Experian
PO Box 9595
Allen, TX 75013-9595

TransUnion Corporation
PO Box 1000
Chester, PA 19022

Equifax Information Services
PO Box 740256
Atlanta, GA 30374