There has been talk for months that credit reporting would be removed from the big three (Experian, Equifax, and Transunion) for-profit companies into one government-run, non-profit hub: the Consumer Financial Protection Bureau (CFPB).

If you have a 700+ credit score, you should be fine. If you don't, you could run into some major problems.

First, you need to know that a high percentage of credit reports contain errors. Good credit, bad credit, it doesn't matter. The errors show up regardless of status, history, etc.

You can get your credit reports free once a year from each agency and try to find and correct the errors yourself. You can also hire a credit repair agency to do all that for you.

Either way, you have options, well-known, for how to fix those issues and raise your credit score to where it actually should be.

Under the proposed new system, everything changes and it will become much more difficult to dispute errors and have them removed.

So, while everyone should be checking their...