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U.S. FAIR CREDIT REPORTING ACT
1681c. Requirements relating to information contained in consumer reports.
(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, 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 and 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; or
(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) of this section 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 September 30,
1996.
(d) Information required to be disclosed. Any consumer reporting agency that furnishes a consumer report that contains information regarding any case involving the consumer that arises under title 11, shall include in the report an identification of the chapter of such title 11 under which such case arises if provided by the source of the information. If any case arising or filed under title 11, is withdrawn by the consumer before a final judgment, the consumer reporting agency shall include in the report that such case or filing was withdrawn upon receipt of documentation certifying such withdrawal.
(e) Indication of closure of account by consumer. If a consumer reporting agency is notified pursuant to §1681s-2(a)(4) of this title that a credit account of a consumer was voluntarily closed by the consumer, the agency shall indicate that fact in any consumer report that includes information related to the account.
(f) Indication of dispute by consumer. If a consumer reporting agency is notified pursuant to §1681s-2(a)(3) of this title that information regarding a consumer which was furnished to the agency is disputed by the consumer, the agency shall indicate that fact in each consumer report that includes the disputed information.
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