There are three national credit reporting agencies which gather information and produce credit reports: Equifax, Experian and Trans Union. The files maintained by these entities contain basic information about who you are, where you live, where you work, your open and closed accounts, your payment history, and any litigation or bankruptcy filings. The Fair Credit Reporting Act was enacted to ensure accuracy and privacy of information contained within credit reports, and provides you certain rights as a consumer.

           You have the right to request a copy of your credit report and should do so to review the file for any possible errors which could negatively affect your ability to obtain credit or employment. There is a nominal fee for each report unless you were recently denied credit or a job as a result of your credit report, in such case, you will be provided the name and contact information for the agency used and you may request a copy of your report free of charge within 60 days.

           A poor payment history or bankruptcy may only stay on your report for 7 to 10 years, or possibly longer under very limited circumstances. If negative information is being reported beyond the imposed time limits or your discovery of other errors in your report, you have the right to contact the credit reporting agency to dispute the information and request an investigation. It is a good idea to file your objections in writing and provide supporting documentation. Upon receipt of the dispute, the credit reporting agencies are required to review the allegations, contact the information provider and report to you its findings within 30 days. If you require assistance in filing a dispute or fail to receive a favorable response to your request for an investigation, you should contact an attorney of your choice. Additional remedies are available under state and federal law to correct inaccuracies.