Re: After 7 years has come and gone
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Posted by observer
(152.163.253.37) on August 19, 2003 at 00:09:01:
In Reply to: After 7 years has come and gone posted by Wunderbra on August 18, 2003 at 22:45:01:
I think you're describing an extended credit report and yes, there is such an animal. In fact, the FCRA has a few exceptions where derogs may {the operative word is MAY} be shown after the 7 years.
§ 605. Requirements relating to information contained in consumer reports [15 U.S.C. § 1681c]
(a) Information excluded from consumer reports. Except as authorized under subsection (b) of this section, no consumer reporting agency may make any consumer report containing any of the following items of information: (1) Cases under title 11 [United States Code] 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 from date of entry, antedate the report by more than seven 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 seven years.
(4) Accounts placed for collection or charged to profit and loss which antedate the report by more than seven years.(1)
(5) Any other adverse item of information, other than records of convictions of crimes which antedates the report by more than seven years.1
(b) Exempted cases. The provisions of subsection (a) of this section are not applicable in the case of any consumer credit report to be used in connection with (1) a credit transaction involving, or which may reasonably be expected to involve, a principal amount of $150,000 or more;
(2) the underwriting of life insurance involving, or which may reasonably be expected to involve, a face amount of $150,000 or more; or
(3) the employment of any individual at an annual salary which equals, or which may reasonably be expected to equal $75,000, or more. Very few lenders will run one of these because of the expense. Unless you're apply for a jumbo mortgage, they likely won't bother. I've seen many people who've had old derogs fall off their reports and never show up on lenders reports.
CRA's are a little careful about furnishing this as well. Unless it's done very carefully, the CRA can {and will get sued} and the consumer will buy a much nicer house.
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