Future Business Leaders of America (FBLA) Business Calculations Practice Test

Most of the information in your credit file may be reported for only _____ years.

1. 9

2. 7

3. 15

4. 11

The correct answer is: 7

The correct answer is that most of the information in your credit file may be reported for seven years. This duration is established under the Fair Credit Reporting Act (FCRA), which governs the reporting of credit information. Understanding this timeframe is important because it affects how long negative items, such as late payments, accounts in collections, and bankruptcies, can influence your credit score. After seven years, these items can no longer be legally reported to credit bureaus, which means they will not be considered in credit decisions. This seven-year guideline applies to most negative credit information, helping consumers improve their credit profiles as time passes. There are some exceptions, such as bankruptcies, which can stay on a credit report for up to ten years, but general negative information is indeed limited to seven years.