§ 1681c. Reporting of obsolete information prohibited

• (a) Prohibited items

  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 (FOOTNOTE 1) 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.

    (FOOTNOTE 1) So in original. Probably should be capitalized.

  • (2) Suits and judgments which, from date of entry, antedate the report by more than seven years or until the governing statute of limitations has expired, whichever is the longer period.
  • (3) Paid tax liens which, from date of payment, antedate the report by more than seven years.
  • (4) Accounts placed for collection or charged to profit and loss which antedate the report by more than seven years.
  • (5) Records of arrest, indictment, or conviction of crime which, from date of disposition, release, or parole, antedate the report by more than seven years.
  • (6) Any other adverse item of information which antedates the report by more than seven years.
• (b) Exempted cases

  The provisions of subsection (a) of this section are not applicable in the case of any consumer credit report to be used in connection with -

  • (1) a credit transaction involving, or which may reasonably be expected to involve, a principal amount of $50,000 or more;
  • (2) the underwriting of life insurance involving, or which may reasonably be expected to involve, a face amount of $50,000 or more; or
  • (3) the employment of any individual at an annual salary which equals, or which may reasonably be expected to equal $20,000, or more.