How Long Does Information Stay on a Credit Report?
Credit information can, and usually does, stay on a person's credit report for seven years. Collections stay on the report for seven years from the date of last activity - whether that is the date that the account was filed as a collection or the date the account was paid in full. Here's an example:
"Jane Borrower" had a collection for $300 filed against her in October of 1994, and she hasn't paid it. It is now September of 2001, so in a few weeks that collection can come off of her credit report. (She will probably have to request of all three credit bureaus that they take it off.) However, Jane has applied for a loan today, and the loan officer tells her that she has to pay off that debt in order to be approved.
Since she has the money, she pays it off. Because the date of last activity is now September 2001, the collection will show on her report until September 2008 - another seven years.
Bankruptcy information can stay on a credit report for ten years. Information about foreclosures is reportable for twelve years from the date filed. Garnishments, judgments, and tax liens can stay on the report for twelve years from the date of entry or for seven years from the date they were satisfied. Dismissed garnishments, judgments, and tax liens are not reportable.
Type of Information Length of Time Can Stay on Credit Report
General credit information Seven years
Collection Seven years from date of last activity
Bankruptcy Ten years
Foreclosure Twelve years from the date filed
Garnishment Twelve years from the date or entry or seven years from the date satisfied
Judgment Twelve years from the date or entry or seven years from the date satisfied
Tax lien Twelve years from the date or entry or seven years from the date satisfied
Dismissed garnishments, judgments, and tax liens Not reportable
A consumer can request copies of his or her credit report from the three credit bureaus and dispute information that is incorrect. Incorrect information can be corrected or removed, but correct information (good or bad) usually stays on the report for the period allowed. Only the credit grantor or credit bureau can remove correct information - the consumer cannot remove it.
Please bear in mind that these are current as of this writing and the length of time periods may change at any time.
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