Clock is ticking on credit-report repairs

The Supreme Court upholds a law that says you must correct errors on your credit report within two years. That's good for the credit companies, not so good for you.

Consumers beware -- if you've been careless about checking your credit report, it's time to change. Check out your options.

The U.S. Supreme Court, in a unanimous decision, recently upheld a federal law that says consumers whose credit rating is damaged because of an error by a credit-reporting agency have only two years from the time the error is made to file suit.

Consumer advocates say the Supreme Court missed the boat on the issue and has limited a consumer’s right to hold a credit bureau responsible for destroying a financial life.

"We think the statute of limitations for seeking remedy against credit bureaus should begin when the mistake is discovered by the consumer," says Mark Ferrulo of the Florida branch of the Public Interest Research Group.Viw the full article at MSN™ Money Central