How Long Does Negative Info Stay on Your Credit Report?
The Fair Credit Reporting Act is the federal law that, among other things, spells out how long negative information about your credit report can stay. The credit reporting agency period is seven years for most negative information. Certain types of negative information stay on your credit report for longer than that.
Delinquency information such as late credit card payments and collections can be recorded for seven years from the date of the crime.
Download, seven years + 180 days from the date reported on the credit bureau. Usually this is only seven years from the date of loading.
- Student loan defaults, seven years (defined by the Higher Education Act).
- Foreclosures, seven years.
- Lawsuits or judgments seven years from the date of filing or the statute of limitations, whichever is longer.
- Bankruptcy, up to 10 years from the date you file.
- Paid liens, paid for seven years from the time or until you have the IRS, request that they be removed.
- Unpaid liens, indefinitely.
For California residents
- Paid or released liens remain released on your credit report for 7 years from the day or submitted 10 years from the date.
- Unpaid liens will remain on your credit report for 10 years from the date you submitted it.
For residents in New York
- Paid judgments remain on your credit report for 5 years from the date you filed.
- Paid collections remain on your credit report for 5 years from the date or date of last activity paid.
Do you have something to do?
Once the credit reporting deadline has passed, the outdated information should automatically drop out of your credit report. You do not have to do anything to request the credit bureau to update your credit report.
However, if there is an error with the deadline, you will use the credit report dispute process to have the error corrected so that the information drops off your credit report at the right time. Submit copies of all evidence supporting you have your claim to prove your case. You can complain to the Consumer Financial Protection Bureau if the credit bureau and information furnisher continue to violate your rights by listing inaccurate information on your credit report.
Reporting time limit vs. Mandatory pay
Just because the credit reporting deadline has passed doesn’t mean that you no longer owe a debt. The credit reporting time limit does not define how long a creditor or collector will go after you go for an unpaid bill. As long as a legitimate debt remains unpaid, the creditor can try to collect it from you by calling, sending letters, and other legal action.
Confusion with the statute of limitations
There is another period that applies to the statute of limitations debt. This period varies depending on the state and limits the amount of time a creditor or collector can use the court to force you to pay a debt – if you can prove that the statute of limitations has passed. The limitation period is usually separate from the credit reporting period. The debt may still appear on your credit report even though the limitation period has expired, especially if the limitation period is less than seven years. However, lawsuit judgments may still be statute-barred if the period of more than seven years is reported.