Credit report errors could lead to mortgage denials

There are a number of things that mortgage brokers and companies don't want you to know about before taking a loan, one of them is the potential benefit of credit repair.

If you have an error on your credit report and don't fix your credit, you could end up paying more on a mortgage than the original quote implies.

For example, lenders may start off your mortgages with higher interest rates if you have a score less than 620, Reuters reports. If you have an error on your credit report, you could also be in for higher rates, which can cost you thousands of dollars over the life of a loan.

These credit report errors can be caused by many factors, such as when companies switch information between customers, or fail to remove a harmful charge after its statute of limitations has run out.

If you experience an error like this, one option is to contact a credit repair company, as speaking with a credit repair specialist can help give you information you need to successfully file a dispute.