Read this tip to make your life smarter, better, faster and wiser. LifeTips is the place to go when you need to know about Consumer Credit Report Tips and other Collection Agency topics.
Consumer credit report tips:
According to credit report laws, here are some items that cannot be mentioned in consumer credit reports:
*A discharge or final order in Bankruptcy Court dated more than 10 years prior to the date of the consumer credit report;
*Lawsuits and judgments entered more than 7 years prior to the date of the consumer credit report;
*Paid tax liens which, from the date of payment, precede the report by more than 7 years;
*Accounts placed for collection or charged to profit and loss by the creditor that are dated more than 7 years before the credit report;
*Records of arrest, indictment, or conviction of crime that, from date of disposition, release, or parole, precede the report by more than 7 years;
*Any other adverse information that precedes the report by more than 7 years;
*Default information concerning U.S. Government insured or guaranteed student loans can be reported for 7 years after actions to collect the debt have been taken against certain guarantors.