Fight Back Against Unfair Debt Collection Practices: Know Your Rights and Protect Yourself from Threats, Lies, and Intimidation

23. Reading Your Credit Reports

Knowing what appears on your credit report—and what does not—is essential for anyone preparing to negotiate a debt settlement. What your report reveals will give the collector a picture of your ability to pay, forming the basis for negotiation.

Thanks to provisions of the Fair Credit Reporting Act, it is easy to see exactly what your report says. Consumers can obtain a free copy of their report from each of the three reporting bureaus once a year. However, despite all the attention that has recently been paid to the credit report, and advertising on television and elsewhere that urges everyone to examine their credit history, there remain some misconceptions about these records:

• Information disappears from your ...