A Credit Report contains all the information about you and your current and past credit records, debts, loans, etc. A Credit Report is crucial for you as it reflects your credit score and helps in determining why does your score drop and how has your credit history been so far.
A lot of people inquire about your credit report while providing you with loan or credit, offering you a job, renting you an apartment and the list goes on.
So, if your credit report contains any negative information then it could seriously damage the chances of you getting the credit or the loan which you needed.
But due to the Fair Credit Reporting Act (Source: CreditRepairXP), you can be sure that any negative information will remain on your credit report for a limited period of time and only neutral or positive information will be kept indefinitely on your report.
So how long does negative information stay on your credit report?
There are various kinds of information which your credit report covers and each has its own limited duration.
If there were any indictments or arrests made on you, this information will remain on your credit report for only 7 years or until the statute of limitations has expired, whichever is greater. But remember that convictions can stay for a longer period of time on your credit report and there is no limit on this information.
If you miss some payment to your creditor or have some debts which you forgot to pay, then this information will be charged on your credit report 180 days after the missed payment. This information will then remain for another 7 years on your report and its date won’t change even if you make the previous payments together.
Also note that if you happen to miss another payment for the same collection account, then the creditors will charge it on your account from the new date and it would appear for 7 years again after the initial 180 days of delinquency.
If a lawsuit is filed against you, then this information will stay until 7 years and once the judgment is passed, the information will further stay 7 years on your credit report or until the status of limitations has expired, whichever is longer. But most of the time, the status of limitation is shorter so you are looking at a maximum of 7 years of negative information on your credit report.
Many creditors make inquiries about your credit report and this information tends to stay at most 7 years on your report but most of the time, the credit reporting agencies stop reporting the inquiries after 2 years.
If you filed for bankruptcy, it can only remain on your credit report for 10 years either from the date you filed it or from the date your case was dismissed.
These accounts can remain on your credit report for 7 years after the last payment was made before you started missing it. It doesn’t matter if you later paid all the dues, this information will still remain there for 7 years.
- Adverse Information
There are many information like student loans, insurances, educational loans, etc. which tend to remain on your credit report for longer than 7 years, if there were any payments missed. The information remains on your report after the last three dates which include the date when the creditor or loaner reports the account to the consumer reporting agency, the date when the Department of education took over from the guarantee agency and the date when you again missed the payment.