How long can negitive info stay on a credit report?

How long can negitive info stay on a credit report?

The Answer : I find it amazing how this very question is asked many, many times.....and yet we still have people post answers that are totally wrong????OK, lets try once again....Spiff is right.Please read below....
Source(s):Commission paperhttp://www.ftc.gov/os/statutes/fcra/john...605(c)(1) and 605(a)(4) of the Fair Credit Reporting Act§ 605. Requirements relating to information contained in consumer reports [15 U.S.C. § 1681c](a) Information excluded from consumer reports. Except as authorized under subsection (b) of this section, no consumer reporting agency may make any consumer report containing any of the following items of information:(4) Accounts placed for collection or charged to profit and loss which antedate the report by more than seven years.(1)(c) Running of reporting period.(1) In general. The 7-year period referred to in paragraphs (4) and (6)(2) of subsection (a) shall begin, with respect to any delinquent account that is placed for collection (internally or by referral to a third party, whichever is earlier), charged to profit and loss, or subjected to any similar action, upon the expiration of the 180-day period beginning on the date of the commencement of the delinquency which immediately preceded the collection activity, charge to profit and loss, or similar action.http://www.ftc.gov/os/statutes/fcra/john...http://www.ftc.gov/os/statutes/fcra.htm...