Skip to content

Reporting Charged Off Debt: 7 Year Limitation?

Answered by: 

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

Filed under: 
Filed under compliance as: 

Banker Store View All

From training, policies, forms, and publications, to office products and occasional gifts, it’s available here:

Banker Store

hot right now

image description

Looking for effective, convenient training on a particular subject?

BOL Learning Connect offers more than 200 courses ON-DEMAND or on CD ROM from AML to Reg Z and every topic in between.

Search Topics