True or False? Credit bureaus may not report information that is more than 1 year old.

Credit bureaus are regulated by the Fair Credit Reporting Act, which outlines how long different types of information can be reported. Generally, accurate negative information can remain on a credit report for up to seven years, and some types of bankruptcy filings can stay for up to ten years. Additionally, positive information like on-time payments can remain indefinitely.

Since the question states that credit bureaus may not report information that is more than 1 year old, it is incorrect to say that the time limit is only one year. This misunderstanding underrepresents the actual regulations that govern credit reporting timeframes, which allow for a much longer retention period for various types of information. Hence, the notion that they cannot report information older than one year is false.