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Reporting Charged Off Debt: 7 Year Limitation?

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Question: 
Under the FCRA, do banks have to stop reporting a charged off debt to the credit reporting agencies after 7 years, or does the 7-year limitation only apply to the credit reporting agencies?
Answer: 

You need to ensure that the Date of First Delinquency (Field 25) is correct in your reporting the credit bureaus will not report any account older than 7 years.

First published on 06/18/2017

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