Consumer report -- Prohibited information -- Exceptions. (1) Except as authorized under subsection (2) of this section, no consumer reporting agency may make a consumer report containing any of the following items of       information: (a) Bankruptcies that, from date of adjudication of the most recent bankruptcy, antedate the report by more than ten years; (b) Suits and judgments that, from date of entry, antedate the report by more than seven years or until the governing statute of limitations has expired, whichever is the       longer period; (c) Paid tax liens that, from date of payment, antedate the report by more than seven years; (d) Accounts placed for collection or charged to profit and loss that antedate the report by more than seven years; (e) Records of arrest, indictment, or conviction of crime that, from date of disposition, release, or parole, antedate the report by more than seven years; (f)  Any other adverse item of information that antedates the report by more than seven years. (2) Subsection (1) of this section is not applicable in the case of a consumer report to be used in connection with: (a) A credit transaction involving, or that may reasonably be expected to involve, a principal amount of fifty thousand dollars or more; (b) The underwriting of life insurance involving, or that may reasonably be expected to involve, a face amount of fifty thousand dollars or more; or (c) The employment of an individual at an annual salary that equals, or that may reasonably be expected to equal, twenty thousand dollars or more.