CONSUMER CREDIT REPORTS

        A consumer credit report is the type of file most individuals have with the various credit reporting agencies.  It is your personal credit file.  It is distinguished from the credit report of a business or the credit report of an individual engaged in business so far as it pertains to the 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. section 1681c:

             1.  Bankruptcy can be reported for ten years from the date of the filing of the bankruptcy;

             2.  Civil suits, civil judgments and records of arrest can be reported for seven years;

             3.  Paid tax liens can be reported for seven years from the date of payment. 

             4.  Accounts placed for collection or charged to profit and loss can be reported for seven years.

             5.  Records of arrest, indictment or conviction of a crime, can be reported for seven years from the date of disposition, release or parole.

             6.  Bad debts, and most everything else adverse, can be reported seven years.

        The above provisions are not applicable if you are seeking a loan for over $150,000, life insurance of over $150,000 or a job with a salary over $75,000 per year.

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