Client Testimonials
Let me start by saying that I have been extremely satisfied with the exceptional service that Legacy Legal has provided me. I have also recommended the company to two of my colleagues who have become members and are currently taking full advantage of the services Legac...
Q & A - Questions and Answers
Does the law say negative information has to stay on my credit report for seven years?
No, there is no law that says negative information has to stay on a credit report for seven years. In fact, the following piece of legislation - Page 18817 Federal Register I Vol. 55, No.87 I Friday, May 4, 1990 I Rules and Regulations Section 605(a) Favorable Information - imposes no time restriction on reporting of information that is not adverse.
The act also says under theUse of Shorter Periods section, that consumer reporting agencies are not required to report adverse information for the time periods set forth, but they are prohibited from reporting adverse items beyond those time periods. In other words, except for bankruptcies, tax liens, judgments and a few other exceptions, negative information is not to be reported for more than seven years.
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