It may pay to check your credit report.

A Federal Trade Commission study found 20 percent of consumers had an error in a credit report. The study also found five percent identified significant errors that could lead to paying more for loans.

Quentin Walker checks his at least twice a year, and said he has found mistakes.

"One was for a vehicle we got rid of, but they were still carrying it. But they should have dropped it. It took almost six months to get it dropped off," Walker said.

The three major credit bureaus, Equifax, Experian and Transunion, collect consumer's bill-paying history. 

Their reports can affect a person's interest rates and ability to buy a house or or car, or get a credit card or even a job.

"It's very important for the consumer to monitor their credit report at least once a year," said Albert Guadiano, with Consumer Credit Counseling Service of Greater San Antonio. "We recommend they pull one from each about every three to four months so you are covered over a longer period of time."

Consumers are entitled to one free credit report per year from each credit agency. 

The website,  provides them for free.  

If a mistake is found, disputes can be filed online with the three agencies.  

The business providing the erroneous information should also be contacted.  

Guadiano recommended keeping a paper copy of all disputes filed.