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How long will negative information stay on my credit report?

February 3, 2014 | By | No Comments

Those reviewing their credit reports for the first might be taken aback by some of the negative information present.

The good news is that most times the information won’t last forever. The bad news: it can be a hassle for the time being.

Most negative information, such as late payments, will remain on your credit report for seven years, but other items will stay for longer. Foreclosures typically remain for seven years, as do collections, although it depends on the age of the debt collected.

If you have an unpaid judgment or lawsuit against you, the information will stay on your report for seven years or until the statute of limitations runs out — whichever is longer. There are exceptions, such as unpaid tax liens, which could stay on your credit report indefinitely.

For those who have gone through bankruptcy, the amount if time it remains on your credit report depends on the type. For completed Chapter 13 bankruptcies it generally will show up for seven years, whereas Chapter 7 bankruptcies may remain for up to 10 years. For those with a criminal conviction, it may remain on your credit report indefinitely.

The good news is that positive information, such as the car loan payments you made on time, will stay on your credit history forever. Keep in mind that having more positive than negative information will help strengthen your credit history and should increase your credit score.

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