Which of the following can be reported on a credit report for longer than seven years according to the Fair Credit Reporting Act?

Bankruptcy is one of the few financial events that can remain on a credit report for longer than seven years according to the Fair Credit Reporting Act. Specifically, a Chapter 7 bankruptcy can stay on an individual’s credit report for up to ten years from the date of filing. This extended reporting time reflects the significant impact that bankruptcy can have on an individual's financial situation and ability to obtain new credit.

In contrast, other types of negative information, such as slow payments on a credit card and collections, typically remain on a credit report for seven years from the date of the missed payment or when the debt was turned over to collections. Although mortgage accounts themselves may remain on a credit report indefinitely if they are paid satisfactorily, any negative information linked to those accounts, like late payments, would generally fall under the seven-year reporting period.