Legal Question in Credit and Debt Law in Michigan

Re: credit reports

Under the Federal Fair Credit Reporting Act, 15 USC 1681c, accounts placed for collection or charged to profit and loss which antedate the report by more than seven years must be excluded from the report. There are exempted cases where the principal amount of the credit transaction is $150k or more, as well as a life insurance contract of that value and a credit report used in connection with the employment of an individual at an annual salary of $75k or more.

(Please do not rely on this communication which does not create an attorney-client relationship and which is intended merely as a discussion of legal principles and is not to be relied upon.)