Does the law require an accurate item stay on a credit report for at least seven years?
No. The law limits how long information can stay on your report. The CRAs and creditors can delete the item when they see fit. The time limit is totally arbitrary. In fact, the advisor to President George Bush on consumer affairs, Dr. Bonnie Gution remarked, it is our understanding that computer models that predict credit risk find that most information that is more than two years old is nonessential. Credit bondage punishes the debtor unjustly. Credit bureaus choose to err on the side of negative information. Jobs are lost, insurance cancelled or denied, and reputations ruined by sloppy collection and data handling methods. Why are the credit bureaus not very concerned with the impact that selling inaccurate data has upon individuals, let alone the economy? The reason must be self serving considering the fact that many of their biggest customers are credit card companies and predatory lenders.
