The guidelines for what is considered “outdated” are very clearly spelled out in the Fair Credt Reporting Act (FCRA), though it’s important to remember that each state has it’s own laws governing credit reporting.  When there are contradictions between the FCRA and state law, the law which offers the best consumer protection would take precedence.

In general,  the length of reporting periods are:

Bankruptcies: 10 years from the discharge date of the bankruptcy

Civil Suits | Civil Judgements | Dates of Arrest: 7 years or until governing statute of limitations has expired

Collections or “Charged to Profit and Loss” Accounts: 7 years—*Exception: The reporting periods have been lengthened for certain adverse information pertaining to U.S. Government insured or guaranteed student loans, or pertaining to national direct student loans.

Other adverse information, other than convictions of crime: 7 years

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Exemptions to the above rules governing the length of reporting:

1. Credit transactions involving a principal amount of $150,000 or more
2. Underwriting of life insurance involving face amount of $150,000 or more
3. Employment of any individual at an annual salary of $75,000 or more

 

Continue Reading... Length of Reporting (US)

Length of Reporting (For Canadian Residents)

Canadians, your laws are a bit tricky, as you seem to have no federal guidelines, but leave it up to the individual provinces instead.  The following chart comes from the Financial Consumer Agency of Canada and shows the reporting periods followed by TransUnion and Equifax by province.

Please make note of the fact that each Credit Reporting Agency seems to have somewhat different guidelines and defintions on reporting periods.

You’ve ordered and received your credit report, verified the information on it and identified items to be disputed…

I suggest that you dispute all NEGATIVE items.  (Don’t dispute an outdated POSITIVE item. I did that once. It was removed and I felt like an idiot later.) 

There are several methods you can use: (1) dispute items with the Credit Reporting Agencies, (2) dispute items with the Creditors, (3) negotiate with your Creditors, (4) file segregation (do NOT use.  illegal.), and (5) a statement to be included with your credit report. 

Choose the method that best fits your situation.

Contact Information to be used when disputing Credit Report entries…

Contact information to be used when disputing Credit Report entries…