FCRA section 605 relates to the time an item can report, but in the repair sense, you should be most concerned with how long an adverse item can report. The Credit Reporting Time Period dictates that an item cannot report longer than seven years past the date of first delinquency (in the case of a charge off or collection account) or seven years from the time of the late payment in regards to revolving accounts or installment accounts. One of the most common errors found on a credit report is old, negative information from years past the 7 year cut off date.
Here is some additional information pertaining to how long the credit reporting time period if for a specific account:
- Charged-off accounts: Remain seven years from the date of the initial missed payment that led to the charge off (the original delinquency date), even if payments are later made on the charged-off account.
- Closed accounts: Closed accounts are accounts that are no longer available for further use. Closed accounts may or may not have a zero balance. Closed accounts with delinquencies remain seven years from the date they are reported closed, whether closed by the creditor or by the consumer. Positive closed accounts remain 10 years.
- Lost credit card: If there are no delinquencies, credit cards that are reported lost will continue to be listed for two years from the date the card is reported lost. Delinquent payments that occurred before the card was lost are reported for seven years.
- Bankruptcy: Chapters 7, 11, and 12 remain for 10 years from the filing date. Chapter 13 remains seven years from the filing date. Accounts included in bankruptcy will remain seven years from the date they were reported as included in the bankruptcy.
- Child support judgments: Remain seven years from the date the judgment is filed.
- Civil and small claim judgments: Remain seven years from the date the judgment is filed.
- City, county, state, and federal tax liens: Unpaid tax liens remain 15 years from the filing date. Paid tax liens remain seven years from the paid date of the lien.
- Inquiries: Most inquiries listed on your credit report will remain for two years.
- Positive open credit information remains indefinitely and paid positive accounts remain 10 years.
All of the above information for the credit reporting time period is provided in FCRA section 605
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