Credit Reports

A consumer credit report is the type of file most individuals have with the various credit reporting agencies-- Experian, Equifax and TransUnion. It is your personal credit file. It is different than the credit report of a business.

The following are the limits on information that may be reported in a consumer credit report. They can be found at 15 U.S.C. 1681c:

1. Bankruptcy can be reported for 10 years from the date of the filing of the bankruptcy.
2. Civil suits, civil judgments and records of arrest can be reported for 7 years.
3. Paid tax liens can be reported for 7 years from the date of payment.
4. Accounts placed for collection or charged to profit and loss can be reported for 7 years.
5. Records of arrest, indictment or conviction of a crime, can be reported for 7 years from the date of disposition, release or parole.
6. Bad debts, and most everything else adverse, can be reported 7 years.