WHAT OBSOLETE INFORMATION CAN BE REMOVED FROM YOUR CREDIT REPORT
The federal Fair Credit Reporting Act requires that all credit bureaus remove certain obsolete information from credit reports. The provisions of the section of the law which allows for the removal of the obsolete information by credit bureau contains the following information:

(a) A credit transaction which is less than $50,000.00, and/or the underwriting of life insurance which involves a principle amount of less than $50,000.00.

If the transactions involve less than $50,000.00, the credit bureau is required to remove from credit reports any of the following information:

1. Bankruptcies which antedate the credit report by more than 10 years.

2. Suits and judgments which, from the date to entry, antedate the credit report by more than 7 years, or until the governing statute of limitation is expired, whichever is longer.

3. Paid tax liens which, from the date of payment antedate the report by more than 7 years.

4. Accounts placed for collection or charged for profit and loss which antedate the report by more than 7 years (credit card charge-offs).

5. Records of arrest, indictment or conviction of a crime -which, from the date of the disposition, release or parole, antedate the report by more than 7 years.

6. Any other adverse item of information which antedates the report by more than 7 years. In addition to the forgoing, the credit bureau is only authorized to remove information from the individuals credit report which is inaccurate.