Section  605

1681c. Obsolete  Information Requirements Relating to Information Contained in Consumer Reports.

(a)Information Excluded From Consumer Reports: Except as authorized under subsection (b) of this section, no consumer reporting agency may make any consumer report containing any of the following items of information.

(1)   Cases under Title 11 or under the Bankruptcy Act that, from the date of entry of the order for relief or the date of adjudication, as the case may be, antedate the report by more than 10 years.

(2)   Suits and judgments which, from date of entry, antedate the report by more than seven  years or until the governing statue of limitations has expired, whichever is the longer period.

(3)   Paid tax liens which, from date of payment, antedate the report by more than seven years.

(4)   Accounts placed for collection or charged to profit and loss which antedate the report by more than seven years.

(5)   Records of arrest, indictment or conviction of a crime which from date of disposition, release, or parole, antedate the report by more than seven years.

(6)   Any other adverse item of information which antedates the report by more than seven years.

(b)    The provisions of subsection (a) of this section are not applicable in the case of any consumer credit report to be used in connection with—

(1)   a credit transaction involving, or which may reasonably be expected to involve, a principal amount of $150,000 or more:

(2)   the underwriting of life insurance involving, or which may reasonably be expected to involve, a face amount of $150,000 or more: or

(3)   the employment of any individual at an annual salary which equals, or which may reasonable be expected to equal $75,000 or more.