Here is a link to an article about a lack of federal regulations over credit reporting agencies that makes it very difficult to correct damaging mistakes in your credit report. according to the bureau, there have been more than 158,000 complaints against the three agencies, 80 percent of which were about incorrect information on credit reports. The agencies’ “primary duty is to make money”. These mistakes include wrong birthdates, names, accounts that aren't yours, car loans that had been paid off that were reported as repossessions, and credit cards showing up as delinquent payments that had been paid off.