Overdraft Protection Credit Application

Transcription

1 Overdraft Protection Credit Application GENERAL INFORMATION Checking Account # If you are aplying for a joint account, please complete all sections for applicant and co-applicant. We intend to apply for joint credit: Applicant initials: Co-Applicant initials: Name APPLICANT INFORMATION Name CO-APPLICANT INFORMATION Social Security No. DOB Social Security No. DOB Home Address Home Address City, State, Zip Home Phone City, State, Zip Home Phone Circle one Work Phone Circle one Work Phone Own Rent Own Rent Mortgage Payment/Rent (incl. tax & insur) Mortgage Payment/Rent (incl. tax & insur) Employer Employer Position/Title Years There Position/Title Years There Annual Income* Annual Income* *Income from alimony, child support or separate maintenance is not required to be disclosed unless you want it to be considered in the approval of this loan. PLEASE READ, SIGN AND DATE STATEMENT I hereby certify that all statements made are true and submitted for the purpose of obtaining credit, whether completed by me or by the bank at my direction. In considering this application the bank may request and use a report from outside credit reporting agencies. The bank may ask a reporting agency for such reports in connection with renewal or continuation of the credit for which I'm applying. Upon request the bank will supply the name and address of the credit bureau providing such information. I acknowledge notice of this disclosure under Article 25 of the New York State General Business Law. By signing below, I also certify that I have read the Consumer Overdraft Protection Agreement and agree to its terms. I understand that the Consumer Overdraft Protection Agreement will not become effective unless, and until, you approve my Overdraft Protection Credit Application. Signature of Applicant Date Signature of Co-Applicant Date Creditor Use Only RM: Branch#: Rel. Customer: Y / N Elite Customer: Y / N Member FDIC. NMLS #417491

2 Patriot Act Disclosure To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies every customer. What this means for you: When you apply for a loan, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may ask to see your driver s license or other identifying documents. I/we acknowledge that I/we received a copy of this disclosure. Borrower Co-Borrower Date Date Member, FDIC. NMLS #417491

3 Overdraft Protection Agreement Lender: Genesee Regional Bank 190 Linden Oaks, Suite B Rochester, NY Agreement Date Transaction Acct. # Truth in Lending Disclosures Interest Rate and Interest Charges Annual Percentage Rate (APR) for All Transactions 16.00% Paying Interest You will be charged interest from the transaction date For Credit Card Tips from the Federal Reserve Board To learn more about the factors to consider when applying for or using a credit card, visit the website of the Federal; Reserve Board at: Fees Annual Fee None Transaction Fees None Penalty Fees Late Fees Either 2% of the payment or $5.00, whichever is less. How we will calculate your balance: We use a method called daily balance. See your account agreement for more details. Billing Rights: Information on your rights to dispute transactions and how to exercise those rights is provided in your account agreement. OVERDRAFT PROTECTION AGREEMENT If we approve your Overdraft Protection Credit Application we will notify you of your Credit Limit, and you agree as follows: DEFINITIONS. In this Agreement, these terms have the following meanings. The pronouns you and your refer to all Applicants applying for this Consumer Overdraft Protection, jointly and individually, and each other person or legal entity that agrees to pay this Agreement. We, us, and our refer to the Lender, or any person or legal entity that acquires an interest in the Line of Credit. Agreement refers to this Consumer Overdraft Protection, and any extensions, renewals, modifications or substitutions of it. Billing Cycle means the interval between the days or dates of regular periodic statements. Credit Limit means the maximum amount of principal we will permit you to owe us under this Line of Credit, at any one time. Line of Credit refers to this transaction generally, including obligations and duties arising from the terms of all documents prepared or submitted for this transaction such as applications, security agreements, disclosures and this Agreement. Loan Account Balance means the sum of the unpaid principal balance advanced under the terms of this Agreement, interest and other finance charges, fees and other charges that are due and other amounts advanced to you or others under the terms of this Line of Credit. Minimum Payment means the minimum payment amount required under the Minimum Payment section. Payment Date is the payment due date as provided on your periodic statements. Property means any real or personal property that secures your obligations under this Line of Credit. Transaction Account means a demand deposit account you carry with us. The Transaction Account number is stated at the beginning of this Agreement. Other important terms are defined throughout this Agreement. PROMISE TO PAY. You promise to pay us or our order, at our address, or at such other location as we may designate, so much of the Credit Limit as may be advanced under this Agreement, plus interest or other finance charges, fees, charges, costs and expenses as described in this Line of Credit. AGREEMENT TERM. You may request advances from the date we approve your application until this Agreement is terminated. ADVANCE METHODS. You may request advances by drawing your Transaction Account below $0.00 ( Triggering Balance ). During the term of this Agreement you will maintain your Transaction Account with us. We will make the advance by depositing the advance amount into your Transaction Account. We will record the amount as an advance and increase your Loan Account Balance. ADVANCE LIMITATIONS. Your ability to request and access advances is subject to the following limiatations: Member, FDIC. NMLS #417491

4 ADVANCE AMOUNT. When you request an advance, we will, subject to the limitations contained in this Agreement, advance exactly the amount you request. CREDIT LIMIT. Subject to the terms and conditions of this Agreement, you may borrow on this Line of Credit up to the Credit Limit. You agree not to request or obtain an advance that will cause the unpaid principal of your Loan Account Balance to exceed the Credit Limit. You understand that we will not ordinarily grant a request for an advance that would cause the unpaid principal of your Loan Account Balance to be greater than the Credit Limit, but that we may, at our option, grant such a request without obligating ourselves to do so in the future. Your Credit Limit will not be increased if your overdraw the Line of Credit. If you exceed the Credit Limit, you agree to immediately pay the amount by which the unpaid principal of your Loan Account Balance exceeds the Credit Limit, even if we have not yet billed you. COMPUTATION OF INTEREST CHARGES. Interest charges begin to accrue immediately when we make an advance to you. To figure the interest charge for each day in a Billing Cycle, we multiply the daily periodic rate by the Daily Balance of your Loan Account Balance on that day. We then add up those daily interest charges to figure the total interest charge for that Billing Cycle. To figure the Daily Balance, we first take your Loan Account Balance at the beginning of each day, add any new advances, and subtract any payments or credits that apply to debt repayment, and any unpaid interest or other finance charges, fees and charges. This gives us the Daily Balance. (The daily periodic rate is also referred to as the periodic rate.) PERIODIC RATE AND ANNUAL PERCENTAGE RATE. The periodic rate used in calculating the Interest Charge is % and the corresponding Annual Percentage Rate is 16.00%. The annual percentage rate includes interest and not other costs. FEES AND CHARGES. You agree to pay the following additional fees and charges: Late Payment Charge. If a payment is late (more than 10 days after due) you will be charged 2% of the payment or $5.00, whichever is less. PAYMENT DATE. During the term of this Agreement, a Minimum Payment will be due on or before the Payment Date for any Billing Cycle in which there is an outstanding balance on your account. Your Minimum Payments will be due monthly. MINIMUM PAYMENT. On or before each Payment Date, you agree to make a payment of at least the Minimum Payment amount. The Minimum Payment will equal the greater of $10.00 or accrued interest charges plus % of the principal balance outstanding on the last day of the Billing Cycle. Rounding. The Minimum Payment will be rounded up to the nearest $0.01. ADDITIONAL PAYMENT TERMS. If your Loan Account Balance on a Payment Date is less than the Minimum Payment amount, you must pay only the amount necessary to reduce your Loan Account Balance to zero or to any required Minimum Balance. If you otherwise fail to fully pay the Minimum Payment amount, we may, but are not required to, advance money to you to make the payment. All the terms of this Agreement will apply to such an advance. Subject to any required Minimum Balance, you can pay off all or part of what you owe at any time. If you pay more than the Minimum Payment amount, you must continue to make your periodic Minimum Payments as otherwise required by this Agreement. Unless otherwise agreed or required by applicable law, payments and other credits will be applied first to any charges you owe other than principal and interest charges, then to any interest charges that are due, and finally to principal. No late charge will be assessed on any payment when the only delinquency is due to late fees assessed on earlier payments, and the payment is otherwise a full payment. AUTOMATIC WITHDRAWAL. Automatic Withdrawal Account means the account that you have with us from which your Minimum Payments will be automaticaly withdrawn. The Automatic Withdrawal Account number is. You authorize us to automatically withdraw the Minimum Payment from your Automatic Withdrawal Account on each Payment Date. If your Automatic Withdrawal Account does not have enough money in it to fully pay the Minimum Payment amount, we may, but are not required to, advance money to you to make the payment. All the terms of this Agreement will apply to such an advance. If your Loan Account Balance is less than the Minimum Payment amount, we will withdraw only the amount necessary to reduce your Loan Account Balance to zero. SECURITY. We have secured your obligations under this Line of Credit by taking a security interest (by way of a separate security interest dated ) in the following property:. Property securing any other loans you have with us may also secure this Agreement. However, no agreement creating a security interest in your dwelling will secure the payment of this Line of Credit. DEFAULT. To the extent permitted by law, you will be in default if any of the following occur: 1. You fail to make a payment when due. 2. Anything else happens that causes us to reasonably believe that the prospect of payment or performance is impaired, or that the value of the property is significantly impaired. REMEDIES. After you default, and after we give any legally required notice and opportunity to cure, we may, at our option and to the extent permitted by law, do any of the following: 1. We may terminate this Line of Credit and make all or any part of the amount owing by the terms of this Agreement immediately due. 2. We may temporarily or permanently prohibit any additional advances. 3. We may temporarily or permanently reduce the Credit Limit. 4. We may demand additional security or additional parties to be obligated to pay this Agreement. 5. We may make a claim for any and all insurance benefits or refunds that may be available on your default. 6. We may make amounts advanced on your behalf immediately due, and we may add these amounts to the Loan Account Balance. 7. We may use any and all remedies we have under applicable law or any agreement securing this Agreement.

5 Except as otherwise required by law, by choosing a remedy we do not give up our right to use another remedy. We do not waive a default if we choose not to use a remedy. By electing not to use any remedy, we do not waive our right to later consider the event a default and to use any remedies if the default continues or occurs again. COLLECTION EXPENSES AND ATTORNEYS FEES. On or after default, to the extent permitted by law, you agree to pay all expenses of collection, enforcement or protection of our rights and remedies under this Line of Credit. Expenses include, but are not limited to, reasonable attorneys fees, court costs and other legal expenses. To the extent permitted by the United States Bankruptcy Code, you agree to pay the reasonable attorneys fees we incur to collect this debt as awarded by any court exercising jurisdiction under the Bankruptcy Code. SET-OFF. We may set off any amount due and payable under the terms of this Agreement against your right to receive money from us, unless prohibited by applicable law. AMENDMENTS. To the extent permitted by law, we may change any term of this Agreement upon appropriate advance notice as required by applicable law. TERMINATION. Either you or we may, unless prohibited by law, terminate this Line of Credit at any time by giving written notice to the other. Termination by one Borrower terminates the Line of Credit for all Borrowers. Termination will not affect your obligation to repay advances made prior to the termination, nor will it alter your duties to perform under the terms of an instrument securing this Agreement until such instrument is released. WAIVERS AND CONSENT. To the extent not prohibited by law and except for any required notice of right to cure for the failure to make a required payment, you waive protest, presentment for payment, demand, notice of acceleration, notice of intent to accelerate and notice of dishonor. To the extent not prohibited by law, you and any other party to this Line of Credit also consent to the following actions that we may take, and waive defenses that may be available based on these actions, or based on the status of a party to this Line of Credit: 1. We may renew or extend payments on this Agreement, regardless of the number of such renewals or extensions. 2. We may release any Borrower or other person who may be liable for the indebtedness under this Agreement. 3. We may release, substitute or impair any Property securing this agreement. 4. We may invoke our right of set-off. 5. We may enter into any sales or repurchasees of this Agreement to any person in any amount and you waive notice of such sales or repurchases. 6. You agree that any Borrower is authorized to modify the terms of this Agreement or any other Line of Credit document. 7. We may inform any party who guarantees this Line of Credit of any loan accommodations, renewals, extensions, modifications, substitutions, or future advances. 8. No delay or forbearance on our part in exercising any of our rights or remedies will be construed as a waiver by us, unless such waiver is in writing and is signed by us. PERIODIC STATEMENTS. If you have an outstanding balance on your account or have any account activity, we will send you a periodic statement at the end of each Billing Cycle. Thie periodic statement will reflect, among other things, credit advances, interest charges, other fees and charges, payments made, other credits, your previous account balance and your new account balance. The periodic statement will also identify your Minimum Payment for the cycle, the Payment Date and any other specific payment requirements. JOINT AND INDIVIDUAL LIABILITY AND SUCCESSORS. Your obligation to pay this Line of Credit is independent of the obligation of any other person who has also agreed to pay it. We may sue you alone, or anyone else who is obligated on this Line of Credit or any number of you together, to collect on this Line of Credit. Extending this Line of Credit or new obligations under this Line of Credit will not affect your duty under this Line of Credit and you will still be obligated to pay this Line of Credit. The duties and benefits of this Line of Credit will bind and benefit the successors and assigns of you and us. INTEGRATION AND SEVERABILITY. This Agreement is the complete and final expression of our agreement. If any provision of this agreement is unenforceable, then the unenforceable provision will be severed and the remaining provisions will still be enforceable. INTERPRETATION. Whenever used, the singular includes the plural and the plural includes the singular. The section headings are for convenience only and are not to be used to interpret or define the terms of this Agreement. NOTICE, FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS. Unless otherwise required by law, any notice will be given by delivering it or mailing it by first class mail to the appropriate party s address above, or to any other address designated in writing. Notice to one Borrower will be deemed to be notice to all Borrowers. You will inform us in writing of any change in your name, address, or other application information. You will provide us any financial statement or information we request. All financial statements and information you give us will be correct and complete. You agree to sign, deliver and file any additional documents or certifications that we may consider necessary to perfect, continue and preserve your obligations under this Line of Credit and to confirm our lien status on any Property. Time is of the essence. CREDIT INFORMATION. You agree to supply us with whatever information we reasonably feel we need to decide whether to continue this Line of Credit. We will make requests for this information without undue frequency, and will give you reasonable time in which to supply the information. APPLICABLE LAW. This Agreement is governed by the laws of New York, the United States of America, and to the extent required, by the laws of the jurisdiction where the Property is located.

6 YOUR BILLING RIGHTS - Keep this document for future use This notice tells you about your rights and our responsibilities under the Fair Credit Billing Act. What To Do If You Find a Mistake on Your Statement If you think there is an error on your statement, write to us at the address listed on your bill. You may also telephone us, but doing so will not preserve your rights. In your letter, give us the following information: Account information: Your name and account number. Dollar amount: The dollar amount of the suspected error. Description of problem: If you think there is an error on your bill, describe what you believe is wrong and why you believe it is a mistake. You must contact us: Within 60 days after the error appeared on your statement. At least 3 business days before an automated payment is scheduled, if you want to stop payment on the amount you think is wrong. You must notify us of any potential errors in writing. You may call us, but if you do we are not required to investigate any potential errors and you may have to pay the amount in question. What Will Happen After We Receive Your Letter When we receive your letter, we must do two things: 1. Within 30 days of receiving your letter, we must tell you that we received your letter. We will also tell you if we have already corrected the error. 2. Within 90 days of receiving your letter, we must either correct the error or explain to you why we believe the bill is correct. While we investigate whether or not there has been an error: We cannot try to collect the amount in question, or report you as delinquent on that amount. The charge in question may remain on your statement, and we may continue to charge you interest on that amount. While you do not have to pay the amount in question, you are responsible for the remainder of your balance. We can apply any unpaid amount against your credit limit. After we finish our investigation, one of two things will happen: If we made a mistake: You will not have to pay the amount in question or any interest or other fees related to that amount. If we do not believe there was a mistake: You will have to pay the amount in question, along with applicable interest and fees. We will send you a statement of the amount you owe and the date payment is due. We may then report you as delinquent if you do not pay the amount we think you owe. If you receive our explanation but still believe your bill is wrong, you must write to us within 10 days telling us that you still refuse to pay. If you do so, we cannot report you as delinquent without also reporting that you are questioning your bill. We must tell you the name of anyone to whom we reported you as delinquent, and we must let those organizations know when the matter has been settled between us. If we do not follow all of the rules above, you do not have to pay the first $50 of the amount you question even if your bill is correct. Your Rights If You Are Dissatisfied With Your Credit Card Purchases If you are dissatisfied with the goods or services that you have purchased with your credit card and you have tried in good faith to correct the problem with the merchant, you may have the right not to pay the remaining amount due on the purchase. To use this right, all of the following must be true: 1. The purchase must have been made in your home state or within 100 miles of your current mailing address, and the purchase price must have been more than $50. (Note: neither of these are necessary if your purchase was based on an advertisement we mailed to you, or if we own the company that sold you the goods or services.) 2. You must have used your credit card for the purchase. Purchases made with cash advances from an ATM or with a check that accesses your credit card account do not qualify. 3. You must not yet have fully paid for the purchase. If all of the criteria above are met, contact us in writing at the address listed on your bill. While we investigate, the same rules apply to the disputed amount as discussed above. After we finish our investigation, we will tell you our decision. At that point, if we think you owe an amount and you do not pay, we may report you as delinquent. Liability for Unauthorized Use of a Credit Card You will not be liable for any unauthorized transactions using your MasterMoney card or MasterCard -branded card if: (i) you can demonstrate that you have exercised reasonable care in safeguarding your card from the risk of loss or theft, (ii) you have not reported to us two or more incidents of unauthorized use within the prior twelve-month period, and (iii) your account is in good standing. If any of these conditions are not met, your liability is the lesser of $50 or the amount of money, property, labor or services obtained by the unauthorized use before notification to us. In addition, even in these circumstances you will not be liable for unauthorized transactions that occur after you notify us of the loss, theft or possible unauthorized use by writing to us at the address listed on your bill, or by calling us at the phone number listed on your bill.

7 Rev Dec 2010 FACTS Why? What? How? WHAT DOES GENESEE REGIONAL BANK DO WITH YOUR PERSONAL INFORMATION? Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. The types of personal information we collect and share depend on the product or service you have with us. This information can include: Social Security number and income Account balances and payment history credit history and credit scores When you are no longer our customer, we continue to share your information as described in this notice. All financial companies need to share customers personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers personal information; the reasons Genesee Regional Bank chooses to share; and whether you can limit this sharing. Reasons we can share your personal information For our everyday business purposes such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus For our marketing purposes to offer our products and services to you Does Genesee Regional Bank share? Yes Yes Can you limit this sharing? No No For joint marketing with other financial companies No We don't share For our affiliates everyday business purposes information about your transactions and experiences For our affiliates everyday business purposes information about your creditworthiness No No We don't share We don't share For our affiliates to market to you No We don't share For nonaffiliates to market to you No We don't share Questions? Call (585) or go to Genesee Regional Bank 190B Linden Oaks Drive Rochester NY Page 1 of 2

8 Page 2 What we do How does Genesee Regional Bank protect my personal information? To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. How does Genesee Regional Bank collect my personal information? Why can t I limit all sharing? Definitions Affiliates Nonaffiliates Joint marketing We collect your personal information, for example, when you open an account or deposit money pay your bills or apply for a loan use your credit or debit card We also collect your personal information from others, such as credit bureaus, affiliates, or other companies. Federal law gives you the right to limit only sharing for affiliates everyday business purposes information about your creditworthiness affiliates from using your information to market to you sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing. Companies related by common ownership or control. They can be financial and nonfinancial companies. Genesee Regional Bank has no affiliates Companies not related by common ownership or control. They can be financial and nonfinancial companies. Genesee Regional Bank does not share with nonaffiliates so they can market to you A formal agreement between nonaffiliated financial companies that together market financial products or services to you. Genesee Regional Bank doesn t jointly market Genesee Regional Bank 190B Linden Oaks Drive Rochester NY Page 2 of 2

9 FACT Act Notice Federal law requires us to provide the following notice to consumers before any negative information may be furnished to a nationwide consumer reporting agency. WE MAY REPORT INFORMATION ABOUT YOUR ACCOUNT TO CREDIT BUREAUS. LATE PAYMENTS, MISSED PAYMENTS, OR OTHER DEFAULTS ON YOUR ACCOUNT MAY BE REFLECTED IN YOUR CREDIT REPORT. What does this notice mean? Negative information is information concerning delinquencies, late payments, insolvency, or any form of default. This notice does NOT mean that we will be reporting such information about you, only that we may report such information about consumers that have not done what they are required to do under our agreement with them. After providing this notice, additional negative information may be submitted without providing another notice. What is a Credit Report or Consumer Report? Consumer reports are compiled by companies called consumer reporting agencies (CRAs) or credit bureaus. The purpose of a CRA is to put together information for your consumer report, keep it up to date, and make it available to those who have a legitimate business need -- such as financial institutions you have asked for a loan or other services they offer, which may include an overdraft line of credit or overdrawn deposit accounts. The availability of consumer reports to businesses, such as financial institutions, helps reduce the risk of financial loss that these businesses face. For consumers, the availability of consumer reports to the financial services industry means financial institutions can extend offers to consumers without an extensive previous relationship that might otherwise be required. The availabilty of consumer reports allows financial institutions to avoid losses they might experience from consumers who don t pay their bills. Losses due to such consumers are ultimately passed on to consumers who DO pay their bills in the form of increased fees and higher interest rates. Finally, consumer reports allow a financial institution to counsel a consumer on the loan or other products that best fit that consumer s financial needs. Why is good credit so important? Are you aware that your credit history and other personal information may affect your ability to obtain a good job, to rent or purchase a home, lease a vehicle, open a deposit account, and in some cases receive a preferred rate on your life insurance policy? A credit score is a statistical measurement used to predict how likely you are to repay a loan based on experience with millions of consumers. As a result, it provides a fast and objective way to evaluate your credit history. As credit scoring has become more important, they are able to predict other characteristics about an individual. For instance, an individual with a particular credit score is less likely to overdraw a checking account. It s important to remember that your credit history will follow you throughout your life. Making good decisions along the way will help a great deal when you re ready to realize the American dream. What s in a consumer report? Consumer reports obtained by those in the financial services industry vary as to their detail. Some reports come in the form of simple affirmative or negative answers to specific inquiries resulting in the acceptance or denial of your application. Other consumer reports come in the form of a score. A scoring system assigns points for each factor in a consumer report that the financial institution considers important. The CRA will calculate a score for you based on your consumer report and provide the score to the financial institution. These scores cannot take into account factors such as race, gender, marital status, national origin, religion, or age. Still other reports contain detailed consumer information. Detailed consumer reports typically include four types of information: Identification and employment information (name, address, social security number, spouse s name, your current job, length of employment, and income) Information from public records (bankruptcy, civil suits and tax liens) Credit information (specific information about each account, such as date opened, credit limit or loan amount, balance, monthly payment, and payment pattern during the past several years. Names of those who have obtained a copy of your credit report within the last year (two years for employment related requests). By law, inquiries made by the FBI are not recorded in certain circumstances (such as a counterintelligence investigation). Member, FDIC. NMLS #417491

10 Can anyone get a copy of my consumer report? No. You may obtain a copy of your consumer report at any time, but no one else may legally review your report unless they do so in connection with one of the following: A court order or federal grand jury subpoena You have given someone written permission An employment purpose, such as hiring or a promotion, where you have given your employer permission Insurance underwriting A legitimate business need, such as an application for credit or a deposit account In certain circumstances, a state or local child support enforcement agency Every CRA must provide you with a free copy of your consumer report at your request when an adverse action is taken because of information supplied by the CRA. For example, if your credit or deposit application is denied due to information contained in your consumer report, you will be notified of this adverse action and informed that the decision was based on your consumer report. The notice will tell you the name and address of the CRA that provided the consumer report. Upon receiving the notice, you must request your copy of the consumer report from the CRA within a specified time. Otherwise, the CRA may charge a reasonable fee to provied you with your copy. Beginning in late 2004 or sometime in 2005 (depending on where in the U. S. you live), you are entitled to one free report a year regardless of whether or not an adverse action has been taken. How long will negative information stay on my report? Federal law specifies how long negative information may remain on your credit report. Generally, the time limit is seven years, with certain exceptions: Bankruptcy information can be reported for ten years; Information reported because of an application for a job with a salary of more than $75,000 has no time limit; Information reported because of an application for more than $150,000 worth ot credit or life insurance has no time limit; Information concerning a lawsuit or an unpaid judgement against you can be reported for seven years or until the statute of limitations runs out, whichever is longer. Note: positive information can remain on your report indefinitely. Where can I go if I have more questions? More detailed information regarding consumer reports can be obtained from the Federal Trade Commission. You may also have additional rights under state law. You should contact your state Attorney General or local consumer protection agency for more information about these rights.