How long negative credit

how long negative credit

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Credit report expiration guide

Late payments, tax liens, bankruptcies. Are you anxiously waiting for old records to be removed from your credit report? Take the initiative to check the expiration dates on records in your credit report. For example, if you discover an obsolete bankruptcy from 1992, disputing the record with your creditor can boost your credit score. Check out TrueCredit's handy expiration guide to kick your credit management into gear:

Bankruptcy – Chapter 7, 11, and 13 bankruptcies remain on your credit report for 10 years after the filing date. Chapter 13 bankruptcy records are sometimes removed after 7 years from the filing date based on the credit reporting agency policy. When you file for bankruptcy, all the accounts included should be marked as "Included in BK" and will each stay on your report for 7 years.

Charge-off accounts – If your delinquent account is charged-off, the record will stay on your credit report for 7 years.

Closed accounts – If the account has delinquencies, those marks will stay on your credit report for 7 years from the date they were reported. Positive closed accounts (with no delinquencies or late payments) can remain on your credit report for longer than 7 years.

Collection accounts – Accounts sent to collections will remain on your credit report for 7 years.This time period starts 181 days from the most recent delinquent period preceding collection activity

on the account. The record will be marked as "paid collection" on your report when you pay the full balance. If you settle with the collections agency for a reduced amount be aware your record will state the account as "paid for less than the total due."

Inquiries – When a creditor or lender checks your credit it causes a "hard inquiry" to be listed on your credit report. These hard inquiries stay on your report for up to two years, and they can cause a slight drop in your credit score if there are too many of them. When your credit is checked by an employer or when you check your own credit online, you may see a harmless "soft inquiry" on your credit report. Soft inquiries do not cause a drop in your credit score and do not appear when a business checks your credit.

Judgments – Most judgments, including small claims, civil and child support, will remain on your credit report for 7 years from the filing date.

Late payments – If you are late with a payment, the 30-180 day delinquency can stay on your credit report for 7 years.

Tax Liens – City, county, state and federal tax liens are especially harmful and can remain on your credit report indefinitely. Once the lien is paid the record will remain on your credit report for 7 years from the payment date.

Source: answers.yahoo.com

Category: Credit

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