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     | Friday, February 18, 2000 - 02:49 pm  http://www.ftc.gov/os/statutes/fcra.htm#605 § 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. (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. c) Running of reporting period. (1) In general. The 7-year period referred to in paragraphs (4) and (6) ** of subsection (a) shall begin, with respect to any delinquent account that is placed for collection (internally or by referral to a third party, whichever is earlier), charged to profit and loss, or subjected to any similar action, upon the expiration of the 180-day period beginning on the date of the commencement of the delinquency which immediately preceded the collection activity, charge to profit and loss, or similar action. (2) Effective date. Paragraph (1) shall apply only to items of information added to the file of a consumer on or after the date that is 455 days after the date of enactment of the Consumer Credit Reporting Reform Act of 1996. --------------------------------------- I copied the above from the FTC site and added the bold font. Have to say that the legalese GREATLY annoys me. A couple of questions: What DATE would "455 days after the date of enactment ..." be? And does anyone have actual experiences with the extended reporting? Most of the loans I brokered were in excess of $150K, yet I never encountered reporting exceeding the regular 7 to 10 year limitations.
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| | Thursday, February 24, 2000 - 11:18 am Dear Christine: Thanks for your site and your forum--I've learned a great deal. I believe the magic date to be December 29, 1997. (I got this from an FTC opinion posted on Victims of Credit Reporting's site. Unfortunately, I can't remember which opinion this was.) The question I have involves what counts as "items of information added to the file of a consumer" before OR after the magic date. I'm in the midst of a dustup with Our Friendly Neighborhood CRAs involving an account that was opened in 1995, delinquent in 1996, and charged off in 1998. The creditor has verified to me and to OFNCRAs that the date of last delinquency was January 1996, but my credit report continues to show the date of last delinquency as June of 1998 (the charge-off date). Having failed to get them to change this on the grounds that the date they are reporting is verifiably incorrect--silly me--I'm now taking the tack that while the delinquency happened under the Old Testament, the charge-off was made during the New Testament; hence any reference to that date is an "item of information added to a consumer's file" after December 29, 1997, and so subject to the rest of the New and (Arguably) Improved FCRA. I do not expect to be successful at this argument, mind you. I simply feel obligated to try it. The truly entertaining part about the whole thing is that the creditor--whom I, it must be said, did fail to pay several years ago--is being much nicer and more helpful to me than the CRAs, who have no reason to be spiteful about it. The CRAs don't lend money or otherwise extend credit--what interest do they have in reporting a derogatory item for longer than seven years? Do they get paid per tradeline per year? Thanks again for helping us all survive in the Death Star.
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| | Thursday, February 24, 2000 - 11:54 am From personal experience: What goes in your credit file, stays in your credit file, period. I cannot tell you how the CRA's computer program works to spit out a complete file in the instances under which the FCRA says it's OK to report the "older" stuff, but I can tell you explicitly, it's all in there!! In my lawsuit against Equifax, Equifax produced a frozen database scan of my entire file they had on record since 1987, by each quarter. This raises a few questions in my mind. When I ask for a copy of my credit report (file), how come "all of it" is not shown to me? Violation? If the FBI pulls your credit report and you filed BK in 1961, they're going to see it! Unfair?
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| | Tuesday, March 07, 2000 - 02:07 pm Just a few questions if you don't mind 1. When will, if ever, unpaid state and federal tax liens vanish from my credit reports. I was a business owner in my previous life and I went through one recession to many. The end result were some rather large tax bills with the 100% penalty clause that will never get paid. I would like to buy a house in the next year and these are basically the only thing holding me back. 2. Is ther any statute of limitations on Federal tax bills. One IRS agent I was interviewed by. said to wait and the limitations would run out. I asked more questions but he wouldn't elaborate. I am a Ca resident
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