I can not emphasize enough the importance of regularly checking your credit report. Take a look at AnnualCreditReport.com to find out how you can get a free report from each of the three consumer credit reporting agencies.
The Wall Street Journal has a story that is just another reminder why keeping on top of your credit report is so important. According to the story,
Some 14 million Americans have errors on their credit report because of medical collections, according to the Commonwealth Fund, a Washington-based nonprofit focused on health-care research. These routinely small-balance blemishes, which can go unnoticed for years, can be a death knell for refinancing because they can cause outright refusals—or make closing costs so high that borrowers opt not to refinance at all.
Not being able to refinance, especially for someone who is dealing with an adjustable rate loan, could mean the difference between being able to afford your home mortgage and foreclosure. Checking your credit report regularly is just one small step you can take, both before or after bankruptcy to keep your financial house in order. Ignoring even the smallest debts can lead to big problems.
You can read the article here.