--------------------------------------------------------------- Summary
The Fair Credit Reporting
Act (FCRA) also dictates how long negative
information can remain on credit reports.
Details on How Long Items Remain
The following details some of the durations
negative items can remain on a credit report
per the FCRA:
1) Bankruptcies.
These items may remain on a credit report
for 10 years following the discharge
of the bankruptcy.
2) Delinquencies.
These items may remain for 7 years. Sale of
the charged off account by the creditor, or
a payment, or a dispute about the account
by the consumer, do not change the allowable
reporting period.
3) Criminal convictions.
Information about criminal convictions may
be reported without any time limitation.
4) Job applications.
Credit information reported in response to
an application for a job with a salary of
more than $75,000 has no time limit.
5) Lawsuits.
Information about a lawsuit or an unpaid judgment
against you can be reported for 7 years or
until the statute of limitations runs out
(whichever is longer).
6) Exceptions. There is an exception
for chargeoffs or collections that were first
reported before December 29, 1997. Adverse
information such as collections or chargeoffs
reported before December 29, 1997, can be
reported for 7 years from the date the creditor
actually charged off the account (rather than
the date of the delinquency).
More
Information
More details around the applicable laws can
be found at:
