What is Included on a Credit Report?

Federal Requirements for Credit Reporting

Federal statute 15 U.S.C. 1681c determines what can and cannot be included in a credit report.

A credit report is required to indicate the following:

• If a person chooses to close an account, that information must be indicated if the account is included on the report.
• If a credit score or predictive measure of risk is reported, the score must identify any key factor that negatively affected the score.
• If a person properly disputes credit information, the dispute must be noted if the disputed information is included on a report.
• If a bankruptcy is reported, the Chapter of bankruptcy must be listed; and if the consumer voluntary withdrew the bankruptcy case before obtaining a judgment, the report must indicate the voluntary withdrawal.

The following information cannot be included in a credit report:

• Civil judgments, civil suits, and records of arrest that, from date of entry, predate the report by seven years of more, or until the governing statute of limitations has expired (whichever period is longer)
• Paid tax liens preceding the report by more than seven years
• Cases under title 11 or under the Bankruptcy Act that precede the report by 10 years or more
• Accounts charged to profit and loss or placed for collection which antedate the report by more than seven years
• Any other adverse item of information predating the report by seven or more years
• The name and contact information of any medical information furnisher that has notified the credit reporting agency of its status, unless:
  • such information is restricted or reported using codes that do not identify, or provide information sufficient to infer, the specific provider or the nature of such services, products, or devices to a person other than the consumer; or
  • the report is being provided to an insurance company for a purpose relating to engaging in the business of insurance other than property and casualty insurance.

These rules do not apply if the report is for life insurance or a loan in an amount of $150,000 or more, or for a job equaling $75,000 or more.

Are there errors on your credit report? This may indicate a violation of your rights under the Fair Credit Reporting Act. Speak with a Chicago consumer lawyer at Atlas Consumer Law today during an initial case evaluation.