We assume that you are referring to negative information such as late payments on a credit card or repossessed cars. Most negative information will stay in a person's credit report for seven years from the time of the negative event (for example, the month that a late payment was due). Bankruptcies can be recorded for up to 10 years. Recent negative information is the most damaging to a person's credit score. Over time, the effects of negative information are less damaging. Sometimes the only thing that someone can do is wait out the seven-year period. During this time, always be careful to pay bills on time and borrow no more than half of your available credit limit.
If the information in your credit report is inaccurate or incomplete, take advantage of your rights under the Fair Credit Reporting Act to have it corrected. See Section 2 ("Improving Your Credit Report") of the publication "Building a Better Credit Report" at www.ftc.gov/bcp/edu/pubs/consumer/credit/cre03.shtm.
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