The Stains Last for a While, Not Forever
Written by Dongmiao Cui   


It is important to know how long negative information remains on your credit report so that you can make sure that those bad records are removed as soon as they expire.  The duration of the negative records on your credit report can be broken down into the following 5 types:


Negative Information
 Duration of Impact
Bankruptcy
7 years - Chapter 13 bankruptcy
10 years - Chapter 7 bankruptcy
Foreclosures
 7 years
Late Payments
 7 years
Collections
 Depending on the age of debt, generally 7 years.
Public Records
 7 years. However, unpaid tax liens can remain indefinitely.
 

FICO also warns customers that for all negative items, the older they are, the less impact they have on your FICO score. For example, a collection that is 5 months old hurt much more than one that is 5 years old.


Credit Inquiries

Inquiries remain on your credit report for 2 years. FICO score only includes inquires from the last 12 months and also distinguishes between rate shopping for one new credit and a search for many new credit accounts.




Last Updated on Wednesday, 16 February 2011 13:56