I’m 44 and have benefited from a big mistake: Someone opened a mortgage in my name 10 years ago and has given my credit score a boost with timely payments. I feel guilty — what should I do?

Credit report mistakes are common

If someone gets a hold of your Social Security number and other identifying information, they can potentially take out a loan in your name. But taking out a mortgage in your name is much harder.

To qualify for a mortgage, applicants generally need to provide lots of financial documentation, including recent tax returns, W-2s, and pay stubs. It’s pretty difficult for a criminal to get their hands on all of that information. By contrast, it’s easier to open a credit card in someone’s name because you don’t have to provide actual tax returns and pay stubs.

Therefore, if you see a mortgage on your credit report that you don’t recognize, it may be that the credit bureau in question has incorrect information on file. If you have a common name, or a name that’s similar to the person who actually took out the mortgage, it may be that they got a legitimate loan in their name, but it’s simply being reported as yours.

Consumer Reports and WorkMoney had more than 3,000 people check their credit reports and 44% found at least one error. More than a quarter (27%) of those errors were related to debt. So situations like this aren’t unusual.

However, if a fraudster is involved it's far more likely they use your identity to rack up charges in your name or borrow money and not repay it. A criminal has less to gain by opening a mortgage in your name but paying that loan on time and allowing you to get credit for it.

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Investigate no matter what

Any time you see a loan on your credit report you don’t recognize, you must investigate. First, check your credit report from the remaining reporting bureaus. There are three in total – Experian, Equifax, and TransUnion – and they don’t always have the same information.

You’re entitled to a free copy of your credit report each week from each reporting bureau, which you can access here.

If you notice a mistake on your credit report, you need to contact one of the bureaus to dispute it. They’ll be required to investigate and report back to you. You’ll need to also contact the lender in question and see what information they have on file. If they make a correction they have to let all the credit bureaus know to update your reports. If you need to, you can submit a complaint with the Consumer Financial Protection Bureau.

If, based on your discussion with the lender and the credit bureau’s investigation, you come to the conclusion that you’ve fallen victim to identity theft, you’ll need to file an official report with the FTC. Once you do, they should also give you a recovery plan.

You may also need to file a police report depending on your situation. According to Experian, "filing a police report can potentially help the authorities catch and stop the person or group committing the crimes. Additionally, some creditors or companies may require you to obtain a police report in order to help you fix the damage."

In addition, ask one of the three credit bureaus to put a fraud alert on your credit report. They must notify the other two to do so as well. You would have to contact all three individually to place a security freeze on your credit record to prevent further fraud. A credit freeze stops criminals from opening new accounts in your name.

A foreclosure, which can result from nonpayment of a mortgage, stays on your credit report for seven years, per Experian, and would make it very hard to borrow money during that time. Taking these steps could protect your credit score from damage in the event that someone takes out a mortgage in your name and stops paying.

Plus, you’ll likely have trouble getting a mortgage of your own if there’s one in your name already, so you’ll want to be proactive in getting to the bottom of things as quickly as possible. You may even want to hire an attorney to help you navigate your options.