Reporting No-Nos
In accordance with the Fair Credit Reporting Act, the following information that was reported to a credit bureau on or after January 1, 1998 is not permitted to appear on a consumer’s credit report. Information that was reported to a credit bureau earlier than January 1, 1998 may not be subject to the same requirements.
Bankruptcies that date back more than 10 years from the date of entry of the order of relief from or the date of adjudication.
Civil suits, civil judgments, or records of arrest that date back more than 7 years from the date of entry or that exceed the statute of limitations.
Paid liens that date back more than seven years from the date of the report.
Accounts that were placed for collection or charged off which date back more than seven years beginning 180 days after the last payment was due prior to the account being turned over to collections or charged off.
Any other derogatory information other than records of conviction for crimes that date back more than 7 years from the date of the report.
The above referenced guidelines are not applicable for any consumer report to be used in connection with any of the following:
A credit transaction involving or expected to involve a principal amount of $150,000 or more.
Underwriting life insurance, which may be expected to include a value of $150,000 or more.
Pre-screening for employment of any individual at a salary of $75,000 or more.
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