I learned something interesting last week from a mortgage banker in my professional resources group. Leanne has noticed many more credit reports from her clients that contain accounts in dispute. Disputing an account is the correct course of action if your credit report contains inaccurate information; however, if you are purchasing or refinancing real estate, escrow cannot close until all disputes are settled with the credit bureau.

It is very important to monitor your credit report. Everyone is entitled to one free credit report annually which can be obtained through www.annualcreditreport.com.

Apparently, it is also very important to resolve any issues well in advance of purchasing or refinancing real estate to avoid costly delays or outright rejections from lenders. If an inaccuracy on your credit report is minor, you may want to consider waiting until after escrow has closed to request a correction with the credit bureaus.