Your credit report has a large influence on your financial situation, your job, and your housing. A history of timely credit payments can help in getting more credit. Accurate negative information can stay on your report for seven years and bankruptcy for ten years. If you are having problems paying your bills, contact your creditors right away. Try to work out a modified payment plan with them that reduces your payments to a more manageable level.

• If you want to contest a credit report, bill or credit denial, contact the appropriate company in writing and send it "return receipt requested."
• When you contest a billing error, include your name, account number, the dollar amount in question, and the reason you believe the bill is wrong.
• If in doubt, request written verification of a debt.
• Keep all your original documents, especially receipts, sales slips, and billing statements. You will need them if you dispute a credit bill or report. Send copies only. It may take more than one letter to correct problems.
• Be skeptical of businesses that offer instant solutions to credit problems.
• Be persistent. Resolving credit problems can take time and effort.
• There is nothing that a credit repair company can do for you - for a fee - that you cannot do for yourself for little or no cost.

Before going engaging with your creditors, find out a little about your rights and their obligations.

Source: FTC 1997