Obsolescence
A term used to describe how long negative information should stay in a credit file before it is no longer relevant to credit granting decisions. The FCRA has determined the obsolescence period to be 10 years in the case of a bankruptcy and 7 years in all other instances. Unpaid tax liens may remain indefinitely, although Experian removes them after 15 years.
The CollectOne software suite is fully integrated with the major credit rating agencies, giving organizations a platform to manage the entire credit account life-cycle. Learn More...
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