How Long Will Items Remain on My Credit Report?

The answer to this question is typically 7 years. The key is it must be accurate information in order to be reported. No inaccurate information can EVER be reported…. PERIOD!

Length of Time Accurate Items can be Reported

The length of time a negative mark can stay on your credit starts from the time you were late or the late payment went into collection, not from the last time you made a payment on the account. Collection agencies are notorious for re-aging accounts thus extending the time items can be reported. This is NOT LEGAL; you have the right under the Fair Credit Reporting Act (FCRA) to challenge this each and every time! The Bureaus must remove it 7 years from origination. In other words paying a collection will not keep it on your credit report for a longer period.

The following is the length of time for other items such as:
Bankruptcy – 10 Years
Judgment/lawsuit – 7 years or until the statute of limitations runs out, whichever
is longer Student Loans – 7 years
Tax Liens – 7 years from the date paid

Please Note: the Statute of Limitations has nothing to do with the length of time something can stay on your credit report. There is no relationship so please do not misconstrue the two.

What is the Fair Credit Reporting Act (FCRA)

The Fair Credit Reporting Act was passed by congress in 1971. It was established to protect the accuracy of data being reported by the credit reporting bureaus. Furthermore, the law states consumers have a right to see their file and dispute inaccurate information. In December of 2003, an amendment to the law was enacted offering additional protection to consumers. The credit bureaus are held accountable for reporting only CORRECT information. Believe me they have been sued numerous times for not abiding by the law.

It is important I mention that the credit bureaus are for profit businesses and are NOT a part of the U.S. government. Your creditors pay to place information in your file. In essence, the credit bureaus are funded by your creditors.

To learn more visit www.ftc.gov/os/statutes/031224fcra.pdf