The Federal Fair Credit Reporting Act requires that credit rating agencies remove negative information from your report after seven years. Bankruptcy information is allowed to remain on your credit report for ten years. Fortunately the Federal Fair Credit Reporting Act enforces the accuracy, fairness and privacy regarding your credit information which is contained in the files of all consumer credit reporting agencies. The Consumer Credit Reporting Agencies collect and also sell information regarding: the timeliness that you pay your bills, if you have filed a bankruptcy, if you have applied for credit, etc. These statistics are shared with landlords, creditors, employers as well as others who you may do business with.
Normally the Federal Fair Credit Reporting Act does not override any state consumer credit reporting laws, unless the state law is not consistent with the federal Act. If this is so, the Federal Fair Credit Reporting Act will only override any state consumer credit reporting laws to the extent of the inconsistency between them. The Federal Fair Credit Reporting Act does override some state enactments though.
Most consumers are aware that it can be difficult to acquire a loan with a negative credit history. Before you apply for any loan it is advisable that you check your consumer credit report. A negative credit history can cause you to be denied for a loan. Severe credit dings from payment delinquencies, bankruptcies, foreclosures or repossessions found in your consumer credit report can result in not being approved for loans, being denied for a lease or even being denied employment.
It is also good to note that credit inquiries remain on your consumer credit report for two years. Even though credit inquiries can stay on your consumer credit report for up to two years, they may or may not be considered as negative information by those who revue your consumer credit report. Be advised though, that having a large amount of credit inquiries showing on your consumer credit report may be a red flag to lenders that you are attempting to take on new debt and it may effect the outcome of a loan approval.
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