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Foreclosures
Those added to your report before December 29, 1997, can be reported for seven years from the date of foreclosure. Those reported after that date can be reported for seven and a half years from the missed payment that led to the foreclosure.
Repossessions
Both voluntary (where you turn in the car or property) and involuntary (repo man) repossessions added to your report before December 29, 1997, can be reported for seven years from the date of repossession. Those reported after that date can be reported for seven and a half years from the missed payment that led to the repossession. Again, it’s up to the lender to report that original delinquency date along with the repossession listing to the credit bureau.
Student Loans
The Department of Education would like delinquent student loans to be reported forever, and although the Higher Education Act has been amended to allow for them to be reported longer, all of the credit reporting agencies say that FCRA requires them to remove negative student loan information in seven years, just as with other delinquent debts. If you have a student loan that is behind but you catch up and make twelve on-time payments, the lender in many cases is required under the Higher Education Act to remove the delinquency from your report.
Some unpaid delinquent student loans are reported for longer than seven years. That’s because it can be difficult to prove the original date of delinquency that starts the clock ticking. If student loans are sold, consolidated, or turned over to collections, the original date of delinquency can get ”lost” in the process. And often there’s no easy solution for straightening these messes out.
Records of Arrest, Indictment, or Conviction of a Crime may remain on a credit report for seven years from the date of disposition, release, or parole. Records of this type usually do not appear in standard credit reports but may appear in more extensive investigative reports used by insurance companies or prospective employers.
Bankruptcy: Both Chapter 13 and Chapter 7 bankruptcies can legally be reported for ten years from the date the bankruptcy was filed. All three major agencies and all CDIA members, however, have agreed to remove successfully completed Chapter 13 bankruptcies (where you pay back a portion of your debts) seven years from the date you filed. If your Chapter 13 bankruptcy is not successfully completed (discharged), it will be reported for ten years.
In addition, each debt that was discharged under the bankruptcy petition may remain on the report for its applicable seven-year period. (For example, if you held a department-store card that was charged off and later discharged in bankruptcy, the bankruptcy may be listed under the department store’s tradeline for seven years.)
None of These Limitations Apply if a credit report is being supplied for a transaction involving a loan of $150,000 or more, or if the consumer is applying for a job at a salary of $75,000 or more, or applying for a life insurance policy of $150,000 or more. In those cases, negative information may be reported forever, although as a practical matter it usually is not. It might be collected for a more investigative report, but not for a consumer credit report.