Have you applied for a new mortgage loan, only to find that you have a blemish on your credit report? One of the most disheartening situations is finding out that something is on your credit record that you were not aware of. This can vary from a simple mistake, like having the same credit card listed twice, to larger errors like identity theft. Often this can prevent you from making the purchase you dreamed of or prevent you from receiving the best rates and terms on your loan.

One recent study showed 79 percent of credit reports had some kind of mistake. When your credit report contains errors, it can cost you-you'll pay higher interest rates, or you will be denied credit. Often while you take a break in order to fix a credit report error, home prices or interest rates may change or your opportunity will be lost.

Under the Fair Credit Reporting Act, the credit agencies must show certain things in your favor on your report. For example, if you were delinquent on some loan payments, but now you are current, the reporting agency must reflect that current status. If someone else's information appears on your credit report and you request that it be deleted, the credit reporting agency must delete it and notify everyone who has checked your credit history over the past 6 months.

Most financing companies recommend that you check your credit report once per year. At LoanManager.com, we believe you should review your report more regularly, so that you can safeguard yourself against fraud or simple errors-BEFORE you apply for a loan. That way, you'll be able to take advantage of the very best loan rates.  Check out our lending group on Prosper.com.