Credit report exclusion of reported derogs is set forth in FCRA 605(a).
It is not absolute.
It prevents the CRA from normally including the reported derog (called an "adverse item of information") in regular credit reports they issue once the exclusion period has expired. It does not delete the item from your credit file, and is not an absolute exclusion of ability of a creditor to obtain a credit report that still shows the normally-excluded item(s).
FCRA 605(b) provides an exemption of all of the normal exclusion periods set forth in section 605(a) if a party requests a credit report for any of the exempted purposes. That includes a consumer-initiated request for credit in an amount of $150K or more.
While rarely requested, a creditor can request and obtain a "full file" credit report if their inquiry is accompanied by a statement that it is related to a consumer-initiated request for credit in the amount of $150K or more.
