According to the Fair Credit Reporting Act, what is the maximum length of time information can be reported on a credit report, with an exception for certain circumstances?

The Fair Credit Reporting Act (FCRA) establishes guidelines regarding how long information can remain on a credit report, with specific timeframes for different types of information. In the case of criminal convictions, this information can stay on a credit report indefinitely. This means that while most negative information, such as late payments or collections, typically has a maximum reporting time of seven years, criminal convictions are an exception and do not have this limitation.

In contrast, collections are generally reported for seven years from the date of the delinquency that led to the collection. Mortgage accounts and low payments on credit cards are also usually reported for seven years after the matter related to those accounts is settled or paid. Understanding these distinctions is crucial for anyone involved in real estate or lending, as the longevity of different types of information on a credit report can significantly affect a person's creditworthiness.