How Long Do Negative Items Stay on My Credit Report?

If you’re trying to fix your credit score, you need to know how long do negative items stay on your credit report before you decide on the right course of action.

Per the Fair Credit Reporting Act (FCRA), most negative information remains on your credit report for a maximum of 7 years, with some exceptions.

When the negative information on your report is accurate, only the passage of time can assure its removal.

Negative items effect on your credit score diminishes with time. Up to 70% of your FICO score is determined by negative as well as positive information from the previous two years.

However, FICO scores do not solely determine your credit standing. Creditors DO look at your credit report before approving or declining your credit requests, so even if a bankruptcy that occurred 6 years ago has a small effect on your FICO score, it may still tip the scale against your approval.

• They are incorrectly reported and you’ve disputed them.
• When the reporting entity agrees to stop reporting them.
  For example – If an account that was previously past due has been brought current and has been either paid off or kept current for at least a year, the creditor may agree to an early deletion of the past due references.

Bankruptcies:

• Chapter 7, 11 and 12 bankruptcies remain on your report for 10 years from the date filed.
• Completed Chapter 13 bankruptcies remain on your report for 7 years from the date paid, and 10 years if not completed.

Tax Liens:

• Paid tax liens remain on your report for 7 years from the date released (paid).
• Unpaid tax liens remain on your report indefinitely.

Judgments:
All judgments remain on your report for 7 years from the date filed or until the statute of limitation runs out, whichever is longer (In most cases – 7 years).

Criminal Convictions:
Criminal Convictions remain on your report indefinitely.

Foreclosures:
Foreclosures remain on your report for 7 years.

Student Loan Defaults:
Student Loan Defaults remain on your report for 7 years.

Other Information:
Any information reported in response to your application for a job that pays more than $75,000 a year, or because you’ve applied for more than $150,000 worth of credit or life insurance remain on your report indefinitely.

Collection Accounts:
A collection account remains on your report for 7 years from the initial missed payment that led to the collection.

Charge-Offs:
Charge-Offs remains on your report for 7-1/2 years from the date reported to the credit bureau. This means that every time you pay it in part, pay it in full or change the status of a chargeoff – you reset the clock, so the charge off can remain on your report for a very long period of time. If you opt to pay it– never pay in installment payments.

Late Payments:
Late Payments remains on your report for 7 years from the initial missed payment.

Credit Accounts:

• Negative information remains on your report for 7 years from the initial missed payment that led to the delinquency.
• Active positive information can remain indefinitely (if an account is closed that has been positive, then it will typically remain on your report for 10 years after the date the account is closed).

 
Inquiries:
Inquiries remain on your report for 2 years. However, inquiries older than 12 month do not impact your FICO score.

Exceptions:
In some countries the following exceptions take place:

• For California State Residents Only (must be current resident):
• Paid or released tax liens remain on your report for 7 years from the date released or 10 years from the date filed.
• Unpaid or unreleased tax liens remain on your report 10 years from the date filed.
• For New York State Residents Only:
• Satisfied judgments remain on your report for 5 years from the date filed.
• Paid collections remain on your report for 5 years from the date of last activity. This means that each time you pay a collection or a part of it – you reset the clock, so a collection can remain on your report for a very long period of time. If you pay – never pay in installment payments.