(Abridged) The observational determination of the behaviour of the star formation rate (SFR) with look-back time or redshift has two main weaknesses: 1- the large uncertainty of the dust/extinction corrections, and 2- that systematic errors may be introduced by the fact that the SFR is estimated using different methods at different redshifts. To assess the possible systematic differences among the different SFR estimators and the role of dust, we have compared SFR estimates using H$alpha$, SFR(H$alpha$), [OII]$lambda$3727AA, SFR(OII), UV, SFR(UV) and FIR, SFR(FIR) luminosities of a sample comprising the 31 nearby star forming galaxies having high quality photometric data in the UV, optical and FIR. We review the different standard methods for the estimation of the SFR and find that while the standard method provides good agreement between SFR(H$alpha$) and SFR(FIR), both SFR(OII) and SFR(UV) are systematically higher than SFR(FIR), irrespective of the extinction law. We show that the excess in the SFR(OII) and SFR(UV) is mainly due to an overestimate of the extinction resulting from the effect of underlying stellar Balmer absorptions in the measured emission line fluxes. Taking this effect into consideration in the determination of the extinction brings the SFR(OII) and SFR(UV) in line with the SFR(FIR) and simultaneously reduces the internal scatter of the SFR estimations. Based on these results we have derived unbiased SFR expressions for the SFR(UV), SFR(OII) and SFR(H$alpha$). We have used these estimators to recompute the SFR history of the Universe using the results of published surveys.
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