Old Records & Your Credit Report

Negative information such as: delinquencies, bankruptcies, charge-offs, loan defaults, foreclosures, lawsuits and judgments, and tax liens are barred from forever appearing on your credit report. The Fair Credit Reporting Act (FCRA) requires credit reporting agencies to remove most negative information from your credit reporting after the credit reporting time limit has expired. Reporting old, out-of-date information is against federal law.

According to the FCRA, credit reporting agencies cannot report negative information for an undetermined amount of time. In fact, negative information can only be reported for a specific amount of time.

Bankruptcies can be reported for ten (10) years.
Civil suits, judgments, and records of arrest can be reported for seven (7) years.
Paid tax liens can be reported for seven (7) years from the date of payment.
Accounts placed in collections can be reported for seven (7) years.

If out-of-date entries appear on your credit report, notify and dispute the information with the credit reporting agency right away. Federal law requires the credit reporting agencies to investigate your dispute. If your dispute has been ignored, you may seek legal action under the FCRA.