Shortens the time period that most adverse credit information stays on consumer reports

(a) In general Section 605 of the Fair Credit Reporting Act (15 U.S.C. 1681c) is amended— (1) in subsection (a)— (A) by striking Except as authorized under subsection (b), no and inserting No; (B) in paragraph (1), by striking 10 years and inserting 7 years; (C) in paragraph (2), by striking Civil suits, civil judgments, and records and inserting Records; (D) in paragraph (3), by striking seven years and inserting 4 years; (E) in paragraph (4), by striking seven years and inserting 4 years, except as provided in paragraph (9), (10), (11), (12), or (13), or if deletion is required by section 605D, 605E, or 605F; (F) in paragraph (5)— (i) by striking, other than records of convictions of crimes; and (ii) by striking seven years and inserting 4 years, except if deletion is required by section 605D, 605E, or 605F; and (G) by adding at the end the following new paragraphs: (9) Civil suits and civil judgments (except as provided in paragraph (10)) that, from date of entry, antedate the report by more than 4 years or until the governing statute of limitations has expired, whichever is the longer period. (10) A civil suit or civil judgment— (A) brought by an education loan holder that, from the date of successful completion of credit restoration or rehabilitation in accordance with the requirements of section 605E, antedates the report by 45 calendar days; or (B) brought by a lender with respect to a covered residential mortgage loan where the consumer has obtained relief pursuant to section 605D that antedates the report by 45 calendar days. (11) Records of convictions of crimes which antedate the report by more than 7 years. (12) Any other adverse item of information relating to the collection of debt that did not arise from a contract or an agreement to pay by a consumer, including fines, tickets, and other assessments, as determined by the Bureau, excluding tax liability.; (2) by striking subsection (b) and redesignating subsections (c) through (h) as subsections (b) through (g), respectively; and (3) in subsection (b), as so redesignated, by striking 7-year period referred to in paragraphs (4) and (6) and inserting 4-year period referred to in paragraphs (4) and (5). (b) Conforming amendments The Fair Credit Reporting Act (15 U.S.C. 1681 et seq.) is amended— (1) in section 616(d), by striking section 605(g) each place that term appears and inserting section 605(f); and (2) in section 625(b)(5)(A), by striking section 605(g) and inserting section 605(f).