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request, the credit bureau will note your dispute in future 
credit bureau reports. Be aware that when negative 
information in your report is accurate, only the passage of 
time can assure its removal. Credit bureaus are permitted by 
law to report bankruptcies for 10 years and other negative 
information for 7 years. There is nothing that you (or 
anyone else) can do to require a credit bureau to remove 
accurate information from your credit file until the 
reporting period has expired. Don't be misled by ads aimed 
at people with bad credit histories, judgments, or 
bankruptcies. Promises to "repair" or "clean up" a bad 
credit history can almost never be kept.  
How to Deal with Your Debts 
A sudden illness or the loss of your job may make it 
impossible for you to pay your bills on time. Whatever your 
situation, if you find that you cannot make your payments, 
contact your creditors at once. Try to work out a modified 
payment plan with your creditors that reduces your payments 
to a more manageable level. If you have paid promptly in the 
past, they may be willing to work with you. Do not wait 
until your account is turned over to a debt collector. At 
that point, the creditor has given up on you. Automobile 
loans present special problems. Most automobile financing 
agreements permit your creditor to repossess your car any 
time that you arc in default on your payments. No advance 
notice is required. If your car is repossessed you may have 
to pay the full balance due on the loan, as well as towing 
and storage costs, to get it back. Do not wait until you are 
in default Try to solve the problem with your creditor when 
you realize you will not be able to meet your payments. It 
may be better to sell the car yourself and pay off your debt 
than to incur the added costs of repossession.  
How to Evaluate Credit Repair Companies 
If you are having trouble paying your bills, you may be 
tempted to turn to a company that claims to offer assistance 
in solving debt problems. Such businesses may offer debt 
consolidation loans, debt counseling, or debt reorganization 
plans that are "guaranteed" to stop creditors' collection 
efforts. Before signing up with such a business, investigate 
it thoroughly. Be sure you understand what services the 
business provides and what they will cost you. Do not rely 
on oral promises that do not appear in your contract. Also, 
check with the Better Business Bureau and your local 
consumer protection office. They may be able to tell you 
whether other consumers have registered complains about the 
business. Consumers who turn to such businesses for help 
sometimes encounter additional problems. For example, debt 
consolidation or other large short-term loans may have high 
hidden costs and may require your home as collateral. An 
unscrupulous company may misrepresent the terms of such loan 
agreements; if so, you could end up losing your home. 
Businesses offering debt counseling or reorganization may 
charge substantial fees or a percentage of your debts, but 
fail to follow through on the services they sell. Some may 
do little more than refer indebted consumers to a bankruptcy 
lawyer, who charges an additional fee. Businesses 
advertising voluntary debt reorganization plans or "Chapter 
13" relief may fail to explain that Chapter 13 debt 
adjustment actually is a form of bankruptcy. To qualify for 
it, you must have a source of regular income and a plan for 
repaying your creditors that meets the approval of the 
bankruptcy court. Businesses that sell bankruptcy- related 
services may not tell you all that is involved or assist you 
through what can be a complex and lengthy legal process. 
Debt problems can be distressing, but be careful when 
selecting a solution. Some "solutions" may only add to your 
problems.  
Where to Find Low-Cost Help 
If you need help in dealing with your debts, you may want to 
contact a Consumer Credit Counseling Service (CCCS). This is 
a non-profit organization with more than 850 offices located 
in 50 states. CCCS counselors will try to arrange a 
repayment plan that is acceptable to you and your creditors. 
They will also help you set up a realistic budget and plan 
future expenses. These services are offered at little or no 
charge to you. You can find the CCCS office nearest you by 
checking the White Pages of your telephone directory or by 
calling from a touch-tone phone 1-800-388-2227 to get the 
telephone number. However, if you have other questions, 
contact:  
National Foundation for Consumer Credit, Inc. 8611 Second 
Avenue, Suite 100 Silver Spring, Maryland 20910 (301) 
589-5600  
In addition, non-profit counseling programs are sometimes 
operated by universities, military bases, credit unions, and 
housing authorities. They are likely to charge little or 
nothing for their assistance. Or, you can check with your 
local bank or consumer protection office to see if it has a 
listing of reputable, low-cost financial counseling 
services.  
Where to Find More Information 
The Federal Trade Commission enforces a number of federal 
laws involving consumer credit, including the Equal Credit 
Opportunity Act, the Fair Credit Reporting Act, the Truth in 
Lending Act, the Fair Credit Billing Act, and the Fair Debt 
Collection Practices Act. It also provides free brochures 
explaining these laws. For these or related publications, 
such as Building a Better Credit Record, Women and Credit 
Histories, and Credit Billing Blues, write to: Public 
Reference, Federal Trade Commission, Washington, D.C. 20580. 
Although the Commission cannot solve individual problems for 
consumers, it can act when it sees a pattern of possible law 
violations develop.  
If you have a complaint that may involve a violation of 
consumer protection law, write to: Correspondence B ranch, 
Federal Trade Commission, Washington, D.C. 20580. fast facts 
 
Your credit report records your payments on credit cards, 
installing loans, and other credit accounts. It helps 
creditors predict whether you are likely to be a good credit 
risk.  
Be wary of ads that promise you "instant credit" or "a major 
credit card regardless of your lack of credit history or 
past credit record."  
If you are rejected for credit, find out why. You can get a 
free copy of your report if you request it from the credit