This information is very important for consumers to know and understand regarding their credit challenges. If you are a first time buyer, make sure that you are truly qualified. You should be reviewing your FICO scores and credit reports at least once a year if not more. Most credit reports contain multiple inaccuracies that are probably bringing your score down to the tune of much higher interest payments on everything--not just that future home.

I cannot tell you how many clients I see that are shocked to find out what's on their reports. Merged files are becoming more and more common. You would think that when your credit is pulled, it's YOU that the report is based upon. The credit reporting bureaus use a system called Metro 2, which pulls similar information.

Check through your entire credit report for incorrect names, more than 1 ssn or date of birth. It could be a data entry error but may not be. Or it could beID theft (although you will usually get bills/phone calls about accounts you never opened).

I had a client with a common name last year here in Tampa. Upon reviewing her report, she had 11 defaulted mortgages. My client never owned a home. I was fortunate to find the other woman's information--who was currently in federal prison---and was able to get the bureaus to remove this mixed information from my clients file in 3 days.

Many of the original creditors and coll agencies that subscribe to the bureaus will tell you they can't (read:won't) correct or delete the information. Heads up: There is a little known form called the Universal Data Form. A company can do whatever it wants to with this form. (update, Delete, change information) .

Late payments can hot your score up to 100 points. If you are a good customer, always on time--just one late payment can move your tradeline from the positive to the derogatory. Call and ask nicely for the to "cure" or "re-age" that to a current payment. Many will do so.

If you are a mortgage broker or realtor with credit-challenged clients, please fell free to contact me if your clients need assistance. I am in Tampa but help clients all over the US.