Credit reporting agencies make mistakes more often than most people assume. A simple notation can cause your credit score to drop by more than 100 points and hurt your chances of obtaining a good interest rate or even obtaining credit at all. You should check your credit report periodically to make sure that all of the information is correct. The number one most common credit report mistake is incorrect or outdated credit information. Listing inaccurate information (i.e. a co-signor’s bankruptcy as yours) can hurt your credit score significantly.

To read about four more common mistakes see, “The 5 Most Common Credit Report Mistakes.”