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Obsolescence
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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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Opt In
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The ability of a
consumer who has opted out to have their name re-added to
prescreened credit and insurance offer lists, direct marketing
lists and individual Reference service lists. Consumers may
opt in to receive prescreened credit and insurance offer lists
by calling 1 888 5OPTOUT (1 888 567 8688). |
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Opt Out
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The ability of the
consumer to notify credit reporting agencies, direct marketers
and list compilers to remove their name from all future lists.
Consumers may opt out of prescreened credit and insurance
offer lists by calling 1 888 5OPTOUT (1 888 567 8688). |
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Original amount
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The original
amount owed to a creditor. |
Every