Let us say you have an account that is 10 years old- maybe open maybe closed. Let us say 7 years ago you were 120 days late. Now we know collections and stuff go off your report after 7 years and I have read somewhere that lates go off also. Basically the old late would be stripped off your tradeline. Can someone post a link proving this. It must say something like lates go off.
Section 605(a)(6) is a more general provision that supplements subsections (a)(1) through (a)(5). Section 605(a)(6) prohibits the reporting of any "adverse item of information" that antedates the report by more than seven years. The FCRA does not define the term "adverse item of information." We believe that the common understanding of these words must be used. The dictionary definition of "adverse" includes "unfavorable" or "opposed to one's interests." Accordingly, we believe that to be covered by Section 605(a)(6) information must cast the consumer in a negative or unfavorable light. http://www.ftc.gov/os/statutes/fcra/seham.htm
