Sec. 401. Adverse credit information
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Section 605 of the Fair Credit Reporting Act ( 15 U.S.C. 1681c ), as amended by sections 107, 109, and 201, is further amended— in subsection (a)— by striking Except as authorized under subsection (b), no and inserting No ; in paragraph (1), by striking 10 years and inserting 7 years ; in paragraph (2), by striking Civil suits, civil judgments, and records and inserting Records ; in paragraph (3), by striking seven years and inserting 4 years ; in paragraph (4), by striking seven years and inserting 4 years ; in paragraph (5)— by striking , other than records of convictions of crimes ; and by striking seven years and inserting 4 years ; and by adding at the end the following new paragraphs:
Civil suits and civil judgments (except as provided in paragraph (8)) that, from date of entry, antedate the report by more than 4 years or until the governing statute of limitations has expired, whichever is the longer period. A civil suit or civil judgment— brought by a private education loan holder that, from the date of successful completion of credit restoration or rehabilitation in accordance with the requirements of section 605D or 605E, antedates the report by 45 calendar days; or brought by a lender with respect to a covered residential mortgage loan (as defined in section 605C(b)) that antedates the report by 45 calendar days.
Records of convictions of crimes which antedate the report by more than 7 years. Any other adverse item of information relating to the collection of debt that did not arise from a contract or an agreement to pay by a consumer, including fines, tickets, and other assessments, as determined by the Bureau, excluding tax liability. ; by striking subsection
(b)and redesignating subsections
(c)through
(h)as subsections
(b)through (g), respectively; and in subsection
(b)(as so redesignated), by striking 7-year period referred to in paragraphs
(4)and
(6)and inserting 4-year period referred to in paragraphs
(4)and
(5). The Fair Credit Reporting Act ( 15 U.S.C. 1681 ) is amended— in section 616(e) (as redesignated by section 110(a)(1)(B)), by striking section 605(g) each place that term appears and inserting section 605(f) ; and in section 625(b)(5)(A), by striking section 605(g) and inserting section 605(f) . Section 605(a) of the Fair Credit Reporting Act ( 15 U.S.C. 1681c(a) ), as amended by section 809, is further amended by adding at the end the following: Records of an arrest, if the consumer was not convicted of any crime in connection with the arrest. .
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