A individual's credit history is a record of the person's payment history to other lenders. The credit history is pulled by consulting one of three major credit bureaus: Equifax, TransUnion and Experian. The credit history will show every credit account a potential homeowner has had for their entire life, and it will note if payments were made on time or if there are any red flags that might make the potential homeowner a credit risk. The credit history is used in determining what the initial interest rate will be for the mortgage. It is critical to maintain an accurate credit history for this reason. Every citizen has the right to receive a free report from each of the three credit bureaus to check for errors. If an error is found, a request must be made in writing to fix the mistake.