One of the most frequent questions our clients at Credit Repair Solutions ask us is how long do negative items report on your credit report?
Below is a list of various accounts and how long they can remain on your credit report.
Delinquencies (30 – 180 days): Can remain seven years from the date of the initial missed payment.
Collection accounts: Remain seven years from the date of the initial missed payment that led to the collection (the original delinquency date). When a collection account is paid in full, it will be marked “paid collection” on the credit report. Charged-off
accounts: Remain seven years from the date of the initial missed payment that led to the charge off (the original delinquency date), even if payments are later made on the charged-off account.
Closed accounts: Closed accounts are accounts that are no longer available for further use. Closed accounts may or may not have a zero balance. Closed accounts with delinquencies remain seven years from the date they are reported closed, whether closed by the creditoror by the consumer. Positive closed accounts remain 10 years.
Lost credit card: If there are no delinquencies, credit cards that are reported lost will continue to be listed for two years from the date the card is reported lost. Delinquent payments that occurred before the card was lost are reported for seven years.
Bankruptcy: Chapters 7, 11, and 12 remain for 10 years from the filing date. Chapter 13 remains seven years from the filing date. Accounts included in bankruptcy will remain seven years from the date they were reported as included in the bankruptcy.
Child support judgments: Remain seven years from the date the judgment is filed.
Civil and small claim judgments: Remain seven years from the date the judgment is filed.
City, county, state, and federal tax liens: Unpaid tax liens remain 15 years from the filing date. Paid tax liens remain seven years from the paid date of the lien.
Inquiries: Most inquiries listed on your credit report will remain for two years. Positive open credit information remains indefinitely and paid positive accounts remain 10 years.We encourage you to monitor your credit report and make a note of when a specific account will be falling off your credit report.
Why waiting is not the smartest things to do Have you had a couple of problems with your credit and now on your report, there are some negative accounts listed on it? Derogatory information does not appear on your report until after seven years, and for this...read more
You’ve finally saved enough money for a decent down payment, your credit score is in tiptop shape and you’ve paid off a significant chunk of your debt. You’re finally ready to say goodbye to hefty monthly rent checks and purchase a home. But once you begin...read more
35% On-Time Payments For over 10 years now, I have had the privilege of making thousands of dollars from credit card bonuses and rewards without paying a dime as interest. Truly, I can honestly say that sign-up bonuses have never been larger than today. I used to have...read more
Most times, being a first-time homebuyer may seem so overwhelming as a result of all the paperwork involved. Being prepared beforehand can go a long way in making the whole process more bearable and worth your while. Your Financials Have To Be In Order As a potential...read more
When it comes to understanding your credit, one of the most frequently asked questions is: How long does negative information remain on my credit report? The answer is that it depends on the type of information since different accounts report longer than others. There...read more
It’s observed that way more people are renting property now than any other time in the past 50 years. Therefore, this is the best time to be a property owner. The multi-family real estate commercial market is consistently on the rise with no sign of slowing down...read more