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Negative Information Lenders Look For in Your Credit Report
Some negative information lenders look for in your credit report are:
- Late payments
- Recent credit inquiries
- Overextended credit
- Paycheck garnishments
- Liens
- Bankruptcy
How Long Can a Consumer Reporting Agency (CRA) Report Negative Information?
A CRA can report negative information for seven years. There are certain exceptions:
- Information about criminal convictions may be reported without any time limitation.
- Bankruptcy information remains in a consumer report 10 years from the filing date.
- Information reported in response to an application for a job with a salary of more than $75,000 has no time limit.
- Information reported because of an application for more than $150,000 worth of credit or life insurance has no time limit.
- Information about a lawsuit or an unpaid judgment against you can be reported for seven years or until the statute of limitations runs out, whichever is longer.
For more information go to the Federal Trade Commission (FTC) website at www.ftc.gov.
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