Program Search

|

Home Buying Process

|

Consumer Issues

|

Education

|

About NHI

|

Home

Can I be a homeowner? Finding a home Making an offer on a home Applying for a loan Inspections The closing process Real Estate loan glossary

Your credit Predatory lending Finding a healthy home

Your Credit

Old Information

Sometimes credit information is too old to give a good picture of your financial reputation. There is a limit on how long certain information may be kept in your file:

• Bankruptcies must not be reported after 10 years. However, information about any bankruptcies at any time may be reported if you apply for life insurance with a face value over $150,000, for a job paying $75,000 or more, or for credit with a principal amount of $150,000 or more.
• Suits and judgments paid, tax liens, and most other kinds of unfavorable information must not be reported after 7 years.
• Exception: These limitations are not applicable if the report is made in connection with:
  • A credit transaction involving a principal amount of $150,000 or more.
  • The underwriting of a life insurance policy with a face amount of $150,000 or more; or
  • Employment of an individual with annual salary of $75,000 or more.
    

Your credit record may not be given to anyone who does not have a legitimate business need for it. Stores to which you are applying for credit may examine your record; curious neighbors may not. Prospective employers may examine your record with your your written permission.