Re:Regulators Shut Down Lending Platform (YC Alum) LendUp
by actually_a_dog on Thursday December 23, 2021 @01:13AM
(#29659164)
I'm going to say I don't believe this is true. However, I don't know for sure, and I also don't know the magic words to google to verify or disprove this. Can anybody point me to info on the web, or some of those magic words?
Re:Regulators Shut Down Lending Platform (YC Alum) LendUp
by rootusrootus on Thursday December 23, 2021 @11:08PM
(#29670063)
I do not really know exactly how to cite US code correctly, so I will just get you close enough to do a text search:
Go here: https://www.law.cornell.edu/uscode/text/15/1681c
Search on that page for "Exempted Cases"
All of the language about how long negative information can be shown on a credit report is exempted when the loan principle is $150K or greater.
For loans over a certain size (definitely anything mortgage size) there is no limit on the length of the credit report given to them. They may not care when it's been so long, but they can see it all.