1. Credit reports can alert you to mistakes on your credit record.

2. Credit reports contain the names and addresses of collection agencies representing creditors.

3. Credit reports alert you to Identity theft and Fraud.

4. Credit Reports alert you to whether you are a co-signor or authorized user on a credit card. If you are an authorized user and not a co-signor, the debt should NOT be listed on your credit report.

5. Be on the look out for old debts being reported as new or re-aged. They may report the old debt with a new account number after the Statute of Limitations has passed.

6. Once you dispute a debt it must be listed as such on your credit report.

FCRA Regulations and Requirements may only report:

Bankruptcy information for 10 years from date of discharge.

Judgments for 7 or years or the timeframe determined by the governing statute.

Tax Liens 7 years.

Collections and Charge-Off accounts for 7 years.

Arrests, indictments, or convictions for 7 years.

Any other negative information for 7 years.