The truth behind the nature of the credit bureaus is that there are no official credit reporting agencies and that your credit reports do not have any significant legal standing.
Your full credit report is no longer reviewed by most creditors. Instead, creditors typically ignore the individual accounts in your credit report and rely solely on your credit score.
The Fair Credit Reporting Act merely dictates the maximum amount of time an item can remain on your credit reports. There is no minimum period that a negative credit item must be reported.
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