So You Screwed Up, How Long Does Negative Information Stay On Your Report?

This may remind you of your school records in elementary or high school when your history seemed t be passed along from teacher to teacher.  Negative information stays in your credit report for years and there is little you can do about it.  Like a reputation, good credit is fragile.
How Long Does Negative Information Stay On Your Report
The key to derogatory credit accounts or negative information is how quickly it can be removed from your credit report.  Depending on the type of bad credit account and what happened with it, negative information will stick around on your credit report for seven to as many as fifteen years.  Even credit inquiries stay on your record for two years.  In general, negative information that is more than 7 years old from date of last activity on the account, 10 years for bankruptcies, must be removed from your credit file.  Credit accounts that are paid as agreed generally remain on your credit file for up to 10 years from the date of last activity.

Derogatory credit accounts remain in credit histories beyond the required time frame mostly because the credit reporting company is merely a repository and that the negative information in your credit report does not come directly from the credit reporting agency.  The negative information is reported to the credit reporting company by others that have granted the credit or may be included in public record information or reported by collection agencies.  This is one of the primary reasons why checking your credit to make sure the inaccurate or outdated derogatory credit is removed.

The following information pertains to more specific credit report information for delinquent accounts or derogatory credit items in a credit report.
The common rule for delinquent accounts is that late payment histories generally remain on your credit file for 7 years.  These delinquent accounts that have not paid as agreed will remain on your credit file for 7 years from the date the account first became past due leading to the current not paid status.
Collection accounts follow the same rule and will generally remain on your credit file for seven years from the date the account first became past due that led to the account becoming placed with a collection agency.
For a bankruptcy that is file as a Chapter 13, a discharged chapter 13 bankruptcy generally remains on your credit file for 7 years from the date filed.
For a bankruptcy that is a Chapter 7, Chapter 11, or a non-discharged or dismissed Chapter 13 bankruptcy, the record will remain in the credit report for 10 years from the filing date.
Charged-off credit accounts will remain for 7 years from the date of original delinquency.
Unpaid bills sent to collection will also remain for 7 years from date of original delinquency.
Judgments are on a credit report for 7 years from date it was reported or until the statute of limitations runs out, whichever is longer.  The amount of time the judgment remains on in a credit history will be the same whether the judgment is satisfied (paid) or not.
Paid tax liens are in a credit history for 7 years from date paid they are paid or released.
Unpaid tax lien can remain for up to 15 years.
There is no time limit on reporting information about criminal convictions or information reported in response to your application for a job that pays more than $75,000 a year or and information reported because of an application for more than $150,000 worth of credit or life insurance.
The rules for collection account are that they are to be removed after 7 years from the time it became a collection account.  Once a consumer pays off the debt in collection or a charged off account, it cannot stay on your report past 7 years.  It will be indicated as paid on the credit report.  If the account is not paid in full but has partial payments or periodic payments, collection agencies my try to keep the account active and reset the 7 year clock.  Consumes have your rights to write to the collection agency and credit reporting agency and ask that they remove the collection account or charged off account by the original date.
The three main credit reporting agencies collect and report information in roughly the same manner but are different identities that do not operate identically.  For consumers who do have negative information in their report it is a good idea to perform a credit check and either obtain credit reports from all three of the national credit reporting agencies or obtain a merged report so you can see if one agency’s reporting methods is lowering your overall credit score.

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