Also known as the FCRA, this federal law sets forth standards for which the credit bureaus must adopt reasonable procedures for the gathering, maintaining and distribution of the credit information it collects and also bars credit bureaus from publishing negative credit information that is older than seven years (bankruptcy may be reported for 10 years.) The FCRA requires credit bureaus to investigate allegations of a mistake made by an affected person within 30 days and remove erroneous and unverified information take measures to ensure that it does not reappear. The law also regulates the reporting of credit matters by creditors to the bureaus and ensures that all reports must be truthful.