Q: If a bank becomes a consumer reporting agency, are there any restrictions on the type of information that may be furnished?
A: Yes. Certain obsolete information may not be furnished by a consumer reporting agency. According to the act, the following subjects are obsolete:
• Bankruptcies that antedate the report by more than 10 years.
• Suits and judgments, paid tax liens, and accounts placed for collection or charged to profit and loss that antedate the report by more than seven years.
• Arrests, indictments, or convictions of crime that antedate the report by more than seven years.
• Any adverse information that antedates the report by more than seven years.
(Refer to 16 CFR 605 for information on when the time periods begin to run.)