AMARILLO, TEXAS -- Millions of Americans are seeing their credit scores slip to new lows, with 25% having a credit score of 599 or below. That low credit rating labels them as high risk individuals.

Tougher requirements are preventing consumers from getting credit cards, auto loans, and mortgages. Specialists advise that keeping a close eye on your credit is important because bad credit isn't necessarily all your fault.

"Credit reporting agencies themselves admit that about 80 percent of the credit reports that they generate have inaccurate, unverified, obsolete or out of date information, and that's kind of astonishing. But they put the responsibility on the customer to make sure that you have an accurate credit report, not on the credit reporting agency themselves," said Kevin Foster, Marketing Director for TRW Credit Group.

Foster recommends that you review your credit report every year. Under federal law you can receive a free credit report every year.

The Fair Credit Reporting Act is a law that can help protect you and your credit.

"Those set of laws say that if you have inaccurate, unverified, obsolete or out of date information you certainly have the right to have those items permanently removed from your credit report, now we're the first to tell you that you can do those things on your own - you don't need our services, but if you don't have the organizational skills, or the patience, or really the time to do that on your own, then a service like ours is advantageous for you to use."

Foster adds that when looking for a credit repair service avoid companies that ask for up front fees, promise a certain result, and offer to take every single negative item off your credit report.