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socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 39172
Experience:  Attorney and Real Estate Broker -- Retired (mostly)
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The following is cited from 15 USC Section 1681(c)

Resolved Question:

The following is cited from 15 USC Section 1681(c)                     & nbsp;                                                        -"STATUTE-

    (a) Information excluded from consumer reports

      Except as authorized under subsection (b) of this section, no

    consumer reporting agency may make any consumer report containing

    any of the following items of information:

      (1) Cases under title 11 or under the Bankruptcy Act that, from

    the date of entry of the order for relief or the date of

    adjudication, as the case may be, antedate the report by more than

    10 years." My question has 2 parts. What is the minimum time it has to remain on a credit report? What is the maximum time it can remain on a credit?
Submitted: 8 years ago.
Category: Bankruptcy Law
Expert:  socrateaser replied 8 years ago.

There is no "minimum" time. Credit reporting agencies uniformly report the bankruptcy from the moment they receive a report of the filing with the bankruptcy court, until the end of the 10 year statutory period.



Customer: replied 8 years ago.
So as I under stand it legally they cannot continue to report it after 10 years, but there is nothing legally requiring them to keep it on the report for the full 10 years
Expert:  socrateaser replied 8 years ago.

Well, the CRAs (credit reporting agencies) do have a legal obligation to maintain accurate information. So, I suppose it could be argued that the failure to maintain the existence of the bankruptcy would be a violation of the law. Or it could be argued that the agencies only have the obligation to accurately report the information that they actually place on the report. The issue has never been litigated, to my knowledge. Regardless, that's not exactly the same as a "minimum" time requirement, however -- which is how you phrased the original question.



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Customer: replied 8 years ago.

I understand they have a legal obligation to accurate reporting. but in plain english if the following quote:("Cases under title 11 or under the Bankruptcy Act that, from
the date of entry of the order for relief or the date of adjudication, as the case may be, antedate the report by more than 10 years.") only addresses the the fact that they can not continue to report it for more than 10 years. There is nothing legally binding them to keep it there for the full10yrs. Correct?


Expert:  socrateaser replied 8 years ago.

Like I said, a court could reasonably interpreet the Fair Credit Reporting Act to require that the credit reporting agency accurately state the status of the case. I don't have that portion of the Act handy, but I'm fairly sure that there is express language requiring accuracy in credit reporting.


So, I cannot say definitively that you are correct, or incorrect. It's an unlitigated question mark.


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