When was the last time you saw a copy of your personal credit report? If not recently, it may be time to get a copy, especially if you?re considering a real estate purchase in the near future?

It is estimated that more than two out of five people have erroneous information on their consumer-credit reports. Incorrect information can cause long delays in the approval process and can even be the basis for denial of credit, including a mortgage.

The time to check with credit reporting agencies is when you don?t need the credit. It can take months to straighten out a problem, and you don?t need the added stress during the home buying process.

There are several major credit report companies. Since they operate independently, you might check your report at all of them. If you have difficulty, you can ask for help from your mortgage or commercial banker.

One of the most common misunderstandings homeowners have is that since there may not be a late fee due on the house payment until the 15th of the month, they think it isn?t due until then.

The house payment is due on the first of every month and will not be considered late but reported as such if it is received after the first.