Having a good credit rating is becoming more of a must. It seems like more of our day to day transactions are becoming dependent on our credit rating, things like car insurance and employment are in some cases tied to credit scores.
First thing you need to fix your credit rating is to understand the credit laws. The laws protect you from wrong doing of institutions that have access and some level of control over your credit rating.
Institutions such as lenders, collection agencies, as well as the credit bureaus. You now have a say in each account that goes on your credit report, good or bad. This comes in the form of an account consumer statement as well as a "challenge" which can be initiated with any of the three main credit bureaus. (Equifax, Transunion & Experian)
A challenge is also known as an account dispute, it is when you believe a particular account that is showing on your credit report is incorrect, misleading, inaccurate or unverifiable and you ask the credit bureaus to launch an investigation of this account to determine its validity .
At that point the credit bureaus need to look into the matter and get back to you with a specific time frame. If no proof is found the item must be deleted from your credit report according to the law. The credit bureaus have thirty days to investigate your dispute and another five days after their investigation is over to get back to you in writing.