Fair Credit Reporting Act (1971) -- This covers the reporting of debt repayment information. It establishes when a credit reporting agency may provide a report to someone; states that obsolete information must be taken off (after 7 or 10 years); gives you the right to know what is in your credit report; requires that both a credit bureau and an information provider (such as a department store) have an obligation to correct mistakes; gives you the right to dispute inaccurate information and add a 100-word statement to your report to explain accurate negative information; and gives you the right to know what credit bureau provided a report when you are turned down for credit.