What US Fair Credit Reporting Act - 15 USC 1681c Requirements Relating to Information Contained in Consumer Reports (Obsolescence Periods) requires
15 USC 1681c titled 'Requirements relating to information contained in consumer reports' is the FCRA provision that establishes the maximum reporting periods (obsolescence rules) for adverse information in consumer reports. Subsection (a) prohibits a consumer reporting agency from including in any consumer report: (1) cases under title 11 or under the Bankruptcy Act that, from the date of entry of the order for relief or the date of adjudication, as the case may be, antedate the report by more than 10 years; (2) civil suits, civil judgments, and records of arrest that antedate the report by more than 7 years or until the governing statute of limitations has expired, whichever is the longer period; (3) paid tax liens which, from date of payment, antedate the report by more than 7 years; (4) accounts placed for collection or charged to profit and loss which antedate the report by more than 7 years; (5) any other adverse item of information, other than records of convictions of crimes, which antedates the report by more than 7 years. Subsection (b) provides three exceptions that disable the 7-year and 10-year cutoffs: (1) credit transactions involving a principal amount of $150,000 or more; (2) underwriting of life insurance involving a face amount of $150,000 or more; (3) employment of any individual at an annual salary which equals, or which may reasonably be expected to equal, $75,000 or more. Subsection (c) provides that the 7-year period for delinquent accounts placed for collection or charged to profit and loss begins after the expiration of the 180-day period beginning on the date of the commencement of the delinquency which immediately preceded the collection activity or charge-off. Section 1681c is the foundational FCRA rule that bounds how long adverse credit, public record, and collection information may appear in a consumer report.
Pillar: Banking & Global Finance · Authority: US Congress / Federal Trade Commission / Consumer Financial Protection Bureau · Version: 1.0.0 · Last updated:
Primary source: https://www.govinfo.gov/link/uscode/15/1681c
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Primary Citations — 11 traced to source
- 15 USC 1681c - Requirements relating to information contained in consumer reports - statutory text at https://www.govinfo.gov/link/uscode/15/1681c
- 15 USC 1681c(a)(1) - bankruptcy cases excluded after more than 10 years from order of relief or adjudication
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