The Fair Credit Reporting Act 15 U.S.C. § 1681 has been written to guarantee the fairness of credit reporting .  These laws govern the credit reporting agencies, the creditors that report to the consumer credit reporting agencies, as well as giving rights, and responsibility to the consumer to take a more active role in their personal consumer credit.

The link provided here will take you to the FCRA in pdf format.




http://www.ftc.gov/os/statutes/031224fcra.pdf

The consumer is allowed one free credit report, from each credit reporting agency, per year at no cost.  However, if you choose to monitor your credit more frequently, you can pay for your reports. 
Here are some basics, you need to look for in your reports:

You need to be sure that all accounts on your file are actually yours.  Identity theft is on the rise these days.

Assuming everything is yours on your credit report;

How many derogatory accounts are on there ?

How many derogatory accounts are listed twice ?

How many accounts are to old to be on there ?

This is a general guide to how long information can be reported

• positive accounts (10 yrs)
• negative accounts (7 yrs)
• inquiries (2yrs)
• bankruptcy ( usually 10 yrs)
• tax  ( usually 7 years after paid)
• judgments ( varies by state )

 

Any and all inaccurate information can be disputed on your credit reports.  This is your right, and you should exercise it.  After all, it is your credit.

You also need to remember, that those who violate the fair credit reporting act are liable, which means you could sue them money damages.   If you read the FCRA, you could find that.  Does not make for fun reading, but has the information you need.