At first glance, your credit report will probably appear to be written in a foreign language. It will contain abbreviations, a bunch of dates, and endless strings of letters and numbers. Each agency's report is a little different, adding to your confusion. Don't panic. If there is anything contained in your credit report that you don't understand, the law requires the credit bureau that issued it to explain it to you. You should find an address and/or toll-free number on your report for this purpose.

How Long Is Information Kept?
Federal law governs the length of time that information can remain on your credit report. In general, negative information, such as bounced checks, late or unsent loan payments, or over-limit charges on credit cards, stays on your credit report for seven years. However, personal bankruptcy can remain for up to 10 years, and a lawsuit or unpaid judgment against you can remain for seven years or until the statute of limitations runs out, whichever is longer.

Guard Your Privacy
You also may choose to exclude your name from credit bureaus' lists, which are used by creditors and insurers as the basis for sending you unsolicited offers of credit or insurance. Such offers must include a toll-free phone number for you to call if you want your name and address removed from future lists. If you call, you must be kept off the lists for two years, but you can be taken off the list permanently if you request, complete, and return the credit bureau form provided.