Do not view the exclusion periods under the FCRA as a "statute of limitations" in the normal sense of its use.
A state SOL refers to the period within which a party must initiate a civil action on the debt.
Except for rare situations, such as telecomm debt, there is usually no federal SOL on debt. It is reserved to each state to determine its own limitation period on civil actions.
The credit report exclusion periods are a requirment imposed on the CRAs to exclude adverse items from credit reports they issue to others after expiration of the relevant exclusion period. They do not impose any restriction on the furnisher, and do not result in actual deletion of the adverse information from the consumer's credit file.
Under certain conditions, as specified in FCRA 605(b), any normally excluded information can still be included in a special credit report (referred to as a full factual report) if the reason for the inquiry meets one or the conditions set forth in FCRA 605(b), such as with respect to a consumer initiated request for credit in the amount or $150K or more.
The SOL provisions limiting civil action and the credit report exclusion provisions under the FCRA are totally separate, and one has no effect on the other.
