Most real estate experts agree that it is a good idea to obtain a copy of your credit report before you apply for a loan. You'll have a chance to resolve any problems in advance.

The loan application process- Lenders will want to see a copy of your credit report listing all your long-term debts, as well as your payment history.
If you don't have a copy of your credit report, most lenders will generally require you to pay for a copy when they process your loan application.

Late payments - For most people, problems with their credit report are likely related to late payments on a debt. If you were late one month in paying off your credit card, but otherwise have a good payment history, chances are most lenders won't be too concerned. But if you have a history of late payments you'll need to document the reasons why. A slow payment history won't necessarily get you turned down for a loan, but you may have to pay a higher rate of interest.

Errors on your credit report - Many people are surprised to learn that credit reports can often contains errors or inaccurate information. If this is the case with your credit report, you'll need to contact the reporting agency or creditor to have the problem resolved. This can sometimes be a slow process, so give yourself time to clear up the mistake.

Bankruptcies and foreclosures - There's no getting around it, a bankruptcy on your credit report is not a good thing. But that doesn't mean you still can't obtain a loan. Even though a bankruptcy may stay on your credit report for seven to ten years, lenders will often consider the circumstances surrounding a bankruptcy (family illness, injury, etc.). Moreover, if you have reestablished good credit since the bankruptcy, a lender will be more inclined to approve your application.