The Shelf Life of Negative Credit Information

Repair Your Own Credit authored by Bob Hammond, reveals that the Fair Credit Reporting Act, FCRA, mandates that negative credit history items may be reported for no longer than 7 years except for declarations of bankruptcy which can be reported for 10 years. There is no time limit placed on positive information. Exceptions to this include:

* Submitting credit applications for $150,000 or more.
* Attempting to purchase $150,000 or more of life insurance.
* Employment applications where the salary is $75,000 per year or more than that.₁


Reference:

1. Repair Your Own Credit by Bob Hammond; Published by Career Press, Inc.; Chapter 4, Pages 34-35; Copyright 2001.