Glossary - Simple Solutions Credit Consulting

Credit Vocabulary
Credit and debt related terms that are on used on this site.

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Obsolescence	A term used to describe how long negative information should stay in a credit file before it’s not relevant to the credit granting decision. The FCRA has determined the obsolescence period to be 10 years in the case of bankruptcy and 7 years in all other instances. Unpaid tax liens may remain indefinitely, although Experian removes them after 15 years.

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