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When it comes to understanding your credit, one of the most frequently asked questions is: How long does negative information remain on my credit report? The answer is that it depends on the type of information since different accounts report longer than others.
There is a long list of what is considered negative information such as late or missed payments, collection accounts, charge-off accounts stays on credit reports for approximately seven years. Below is a breakdown of some the different types of “negative” information and how long you can expect the information to remain on your credit report.
Late payments remain on a credit report for up to seven years from the first delinquency — the actual date the payment was missed. The late payment will remain on your personal credit report for 7 years. Let’s say you missed a payment on July 7 2018, the delinquent mark which in this case is a 30- day late payment will report until July 7 2025, seven years after the date of the missed payment.
Collection or charged-off accounts
If you have an account and you happen to miss six consecutive payments, the account will most likely be charged off by the original creditor and assigned to a collection agency. If this occurs, the account will be removed seven years from the first missed payment. You will then have a collection account reported on your credit report which will also report for seven years from the date the account was originally charged off.
Public Records & Bankruptcy
A public record can remain on your credit report for up to 10 years, depending on your statue. A bankruptcy can stay on your credit report from 7 to 10 years depending on the type of bankruptcy.
Other types of negative accounts
Other types of negative accounts such as Foreclosures and Repossessions, may also remain on your credit report for up to seven years from the date of the first delinquency. Other accounts such as short-sales, child support, and student loans also report for seven years from the date of the last delinquency.
What about Positive accounts?
Accounts paid as agreed remain on your credit report indefinitely, so long as the account is in good standing and paid as agree, it will remain your credit report.
Accounts in good standing but closed remain on your credit report for up to 10 years from the last date of activity. These types of accounts have a positive impact on your credit report, keep them.
And last but not least, inquiries. A soft inquiry is not reported to your credit report and a hard inquiry is reported for a period of two years but only affect a credit score for one year.