HOW LONG DOES INFORMATION REMAIN ON CREDIT REPORTS?

 

 

Positive information sometimes can remain on the report indefinitely. In general, however, most information will drop off the credit report in seven to ten years. The maximum amount of time for negative information to remain on a credit report is seven years, with the exception of bankruptcy, which can stay on the report as long as 10 years. Bankruptcy is a permanent blemish on the credit report when--applying for a job paying over $20,000--applying for life insurance with a face value over $50,000--applying for a mortgage or other loan for over $50,000.

 

In case of a delinquency, the information may remain on the report for up to seven years dating from the last current payment before the delinquency occurred. If, however the account was later charged-off or the creditor obtained a judgement against the consumer, the date of the action becomes the new start date. Inquires stay on the credit report two years.

 

It is important to note the time frames for information to remain on your credit report are maximum numbers. That means that legally, the creditor has the right to keep the information there for that period of time. It doesn't mean that the creditor has to keep the information there for the whole time.

 

Information can only be changed, or removed by the creditor that reported the information in the first place. If the creditor cannot provide proof that its notation is accurate, the notation must be removed.