How Long Does Negative Information Stay On Your Credit Report?

Items On Credit Report

How long does negative information stay on my credit report?…

Among other questions such as will canceling a credit card hurt my credit score, the above question is one of the most common questions asked by consumers who may have bad items on their report or perhaps are about to do something that may change their credit report, like file for bankruptcy

Here’s a lowdown of just how long particular forms of credit data will stay on your personal credit history:

 

 

 

Bankruptcy

1- A bankruptcy that was filed under chapter 7 or 11 or a non-discharged or dismissed chapter 13 bankruptcy typically will stay on your credit profile for as long as a decade starting from the day it was first filed.

2- A discharged chapter 13 bankruptcy typically will stay on your credit report for 7 years from the day it was filed.

 

Credit Accounts

1- Accounts paid just as arranged typically stay with your credit report for approximately a decade from the day associated with the very last activity.

2- Accounts that were not paid as contracted commonly stick to your credit history for 7 years from the day the actual account initially turned overdue, ultimately causing the present not-paid standing.

3- Late-payment record typically continues to be on your credit profile for 7 years. It’s essential to keep in mind that accounts having existing statuses, like R1 (revolving debt) as well as I1 (installment debt), which mirror formerly overdue payment record will continue to be on the credit report for as much as a decade from the day of the very last activity. Keep in mind that just the overdue payment record is taken off once 7 years has passed.

 

Collection Accounts

Collection accounts typically stay with your credit history as much as 7 years from the day the actual account initially turned out to be over due, ultimately causing the account to be reported to the collection agency.

 

Public Records

1- Judgments typically stay on your credit report as long as 7 years from the day submitted, regardless of whether it was paid or not.

2- Paid tax liens typically stay on your credit report for 7 years from the day it was paid.

3- Unpaid tax liens typically stay on your credit report forever until of course you pay it, at which point it becomes the above issue.

 

Inquiries

Inquiries are basically a record of businesses and other people that acquired a copy of your credit report. The Fair Credit Reporting Act (FCRA) mandates that all 3 major credit agencies reveal to the person who is credit report was acquired by another company or person, the person or company that requested a copy of their credit report.

Based on the motive your credit report ended up being looked at, credit reporting agencies typically hold on to these between 1 to 2 years after they were granted.

 

It is also very important and perhaps joeys for you to know that when it comes to negative items on your credit report, as they get older, they impact your FICO® score less and less. So, basically the older an item is in your credit report, the less impact it has on your credit score.

Remember, there are a few exceptions to the above mentioned rules, based on which state you reside in, as many states have their own rules and regulations on how long should negative information stay on credit reports

You can leave a response, or trackback from your own site.

Leave a Reply

Subscribe to RSS Feed Follow me on Twitter!