Monitoring your credit report is more important than you might think. Even if you don't spot something as extreme as identity theft (knock on wood), minor errors here and there could be damaging your overall credit health. The accuracy of your credit report impacts your ability to secure loans, rent apartments, and even obtain certain jobs. Unfortunately, errors are more common than many people realize, and these mistakes can cause serious financial headaches if left unaddressed.Common errors people find on their credit reportUse this list to review your own credit report and make sure everything checks out.Identity and personal information mistakesSeemingly minor errors can cause major problemsthey can lead to confusion with credit agencies and potentially mix up your credit history with someone else's.Misspelled nameIncorrect address historyWrong Social Security NumberIncorrect birth dateFraudulent accounts and identity theftOne of the most dangerous types of credit report errors involves accounts opened without your knowledge:Credit cards you never applied forLoans taken out in your nameUnauthorized financial transactionsAccounts resulting from identity theftDuplicate debt listingsSometimes, the same debt appears multiple times on a credit report:The same collection account listed more than onceTransferred debts showing as separate entriesPaid-off debts still appearing as activeIncorrect account statusesCredit reports can incorrectly show:Accounts marked as late when payments were made on timeClosed accounts appearing as openIncorrect credit limitsWrong payment historiesOutdated negative informationNegative information should automatically drop off after a certain period:Bankruptcies older than 10 yearsLate payments older than 7 yearsOutdated collection accountsHow to fix errors on your credit reportIf you do spot mistakes on your credit report, you'll want to take these steps to submit a dispute.Obtain your credit reports. You can request free reports from all three major bureaus (Equifax, Experian, and TransUnion) at AnnualCreditReport.com.Document the errors. Review each report carefully for discrepancies and gather any supporting documentation that applies. Make copies of proof (payment records, identity documents). Write a clear, concise explanation of each error.File a dispute. I have a more thorough guide to filing a credit dispute here, but what you need to know is there are three primary methods to submit disputes: Online, by mail, and by phone. Online is the most efficient method, but by phone could suffice for simple, straightforward errors. Follow up. Bureaus must investigate within 30 days. Track your dispute's progress until you receive a written resolution. If your dispute is valid, the bureau must correct information and notify other the bureaus to do the same.How to protect your credit scoreYour best strategy is to take preventative measures like checking credit reports annually, using credit monitoring services, and placing fraud alerts or credit freezes if you find yourself a victim of identity theft. In general, do what you can to give away less of your personal data. In cases of significant identity theft, contact the Consumer Financial Protection Bureau or file a report with local law enforcement.Credit report errors are not just inconvenientthey can be financially devastating. Remember, you are your own best advocate when it comes to maintaining accurate credit information. For more, check out some of my tips for boosting your credit score here.