Length of Reporting (For US Residents)

The guidelines for what is considered “outdated” are very clearly spelled out in the Fair Credt Reporting Act (FCRA), though it’s important to remember that each state has it’s own laws governing credit reporting.  When there are contradictions between the FCRA and state law, the law which offers the best consumer protection would take precedence.

In general, the length of reporting periods are:

Bankruptcies: 10 years from the discharge date of the bankruptcy

Civil Suits | Civil Judgements | Dates of Arrest: 7 years or until governing statute of limitations has expired

Collections or “Charged to Profit and Loss” Accounts: 7 years --*Exception: The reporting periods have been lengthened for certain adverse information pertaining to U.S. Government insured or guaranteed student loans, or pertaining to national direct student loans.

Other adverse information, other than convictions of crime: 7 years

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Exemptions to the above rules governing the length of reporting:

1. Credit transactions involving a principal amount of $150,000 or more
2. Underwriting of life insurance involving face amount of $150,000 or more
3. Employment of any individual at an annual salary of $75,000 or more

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Reporting Periods for Collections or “Charged to Profit and Loss” Accounts begins on the expiration of 180 days from the date of the delinquency immediately preceding the collection activity, charge to profit and loss, or similar action.

These rules only apply to items of information added to the file of a consumer on or after the date that is 455 days after the date of enactment of the Consumer Credit Reporting Reform Act of 1996.  (Prior to 1997 any account activity could extend the reporting period so creditors and collectors took advantage of this loophole to keep negative items on a consumer’s report for many years. --source, Carreon and Associates)

OMG. PANIC ATTACK FORTHCOMING!!

You’ve obtained your credit report and read through it, noting what items can be disputed, etc, so you may be feeling discouraged or, as it was in my case, COMPLETELY PANICKED.  Stop for a second.  Take a deep breath.  DON’T GIVE UP HOPE YET! The next step will walk you through disputing the entries on your report.  It CAN be done.  Just remember to be patient.  We didn’t get ourselves into this mess in a day, so it will take time to straighten it all back out.  BUT.  It can be done.  And that’s the most important thing!

So continue on to Step Three: Disputing Entries on Your Credit Report and remember, you are not alone.  I’m with you every step of the way!