It would be pointless to put in a bunch of time toward finding the home you have always wanted only to find out that your credit rating is in a shambles, and that the terms you are being offered are nowhere near what you thought you would get. The Fair Credit Reporting Act requires credit agencies and those who provide them information to look into inaccuracy reports. If have ever taken out a loan that you did not finish paying off, it was likely charged off by the lender and it will appear on your credit report.