Federal regulators are proposing changes that would help consumers better understand their rights when disputing a credit report.

The Federal Trade Commission says it is taking public comment over the next month on language that informs people about their legal rights to challenge information in a credit report. The proposed revisions take into account new rules on consumers' rights and duties recently issued by the agency under a 2003 law.

Stephen Brobeck, executive director of Consumer Federation of America, said the proposed changes are "a helpful fine-tuning."

Information in a credit report often can be the difference between securing a loan or being denied.