The Fair Credit Reporting Act (“FCRA”) passed in 1970 regulates credit reporting agencies (“CRA”). Under the act CRA’s have certain obligations to ensure the accuracy of consumer credit information. In determining how long items may stay on a credit report you want to look at 15 U.S.C. 1681c (text below) of the FCRA for the basic reporting rules. If you discover inaccurate information you may contact the Federal Trade Commission for information on your rights and remedies in fixing credit report errors.
If an unpaid account has not been charged off, it can remain on the report for seven years from date of delinquency.
If an unpaid account has been charged off more than 180 days after the date of first delinquency, it can be reported for seven years + 180 days. If the account is charged off less than 180 days after the date of first delinquency, it can be reported for seven years for the charge-off date.
The public record of an unpaid judgment associated can be reportable for up to ten years because the statute of limitations to collect on a judgment in North Carolina is ten years. Also note that judgments may be renewed one (1) time in North Carolina for an additional ten year period.
A foreclosure as part of the account tradeline should also be reportable only 7.5 years, maximum, from the date of first delinquency that constituted default. The public record of an unpaid judgment associated with foreclosure, however, can be reportable for up to ten years. (see Judgments above).
Chapter 7 Bankruptcy:
Up to 10 years from the filing date.
Chapter 13 Bankruptcy:
Up to 7 years from the filing date.
Paid tax liens:
Unpaid Tax Liens:
Unpaid tax liens may remain indefinitely.