Not too many years ago there were many problems related to reporting the credit status of individuals. These problems stemmed primarily from inaccurate or out dated information about the consumer. Credit Bureaus originated for the protection of creditors, therefore the consumer rarely knew what was contained in their credit profile and found it nearly impossible to have inaccurate information removed or corrected. This and other credit related situations prompted Congress to pass The Fair Credit Reporting Act in 1971 which specifies rules that, in part, gave the consumer specific rights to monitor and correct credit related information recorded about them.

Today, even though the credit bureaus are under strict guidelines, the consumer has the same problems; inaccurate information still finds its way into credit profiles. This is not hard to believe when you consider the massive numbers of people the credit bureaus record information about, around 250 million people.

But, since 1971, under The Fair Credit Reporting Act, there are methods that the consumer can employ to have negative credit entries removed permanently and legally.