How long negative information stays on credit report

Now, what about timing? Like late payments, charge-offs can generally stay on your credit reports for up to seven years. Now you know more about negative information that can show up on your credit reports.

But what about the positive information? Positive information can take a variety of forms on your reports. Your credit history comes from your credit activities—both positive and negative. With that in mind, here are some ways to use your credit responsibly and prevent negative information from appearing on your credit reports:.

Remember, knowledge can be power when it comes to your credit. So get proactive. The more you know about negative information on your credit reports, the more you could do to prevent it. Government and private relief efforts vary by location and may have changed since this article was published. Consult a financial adviser or the relevant government agencies and private lenders for the most current information.

We hope you found this helpful. Our content is not intended to provide legal, investment or financial advice or to indicate that a particular Capital One product or service is available or right for you. For specific advice about your unique circumstances, consider talking with a qualified professional. It may not be the same model your lender uses, but it is an accurate measure of your credit health. The availability of the CreditWise tool depends on our ability to obtain your credit history from TransUnion.

Other negative accounts , such as repossessions, can also stay on your report for up to seven years from the date of the first missed payment that led to the negative status. Negative accounts can also include foreclosures, and short sales or a deed in lieu of a foreclosure if reported in a negative status. Here are some examples of "positive" information and how long it stays on your Equifax credit report : Active accounts paid as agreed.

Active credit accounts that are paid as agreed remain on your Equifax credit report as long as the account is open and the lender is reporting it. Closed accounts paid as agreed. If the last status of the account is reported by the lender as paid as agreed, the account can stay on your Equifax credit report for up to 10 years from the date it was reported by the lender to Equifax.

Related Content. The length of time negative information is allowed to remain on your credit reports is largely defined by the FCRA. Unlike positive information, almost all negative information eventually must be removed from your credit reports. However, not all negative information has the same timeline for removal. For example, late payments are allowed to remain on a credit report for as long as seven years from the date of their occurrence.

This includes any notation that one or more of your accounts was 30, 60, 90, , or plus days past due. These are the only late payments that can appear on your credit reports. Charge-offs, accounts in collections, repossessions, foreclosures and settlements all indicate that you've defaulted on an account.

In every one of these scenarios, the credit reporting agencies are allowed to report them for no longer than seven years from the original delinquency date that led to their default. Bankruptcies are another example of negative information that can appear on your credit reports.

There are two main types of bankruptcies consumers can file: Chapter 7 and Chapter A Chapter 7 bankruptcy, also called a straight bankruptcy, discharges all legally dischargeable debts. A discharge doesn't eliminate the debt, but it prevents creditors from attempting to collect it from the person who filed bankruptcy. Creditors are still able to collect the debt from other liable parties, such as a cosigner or guarantor.

Chapter 7 bankruptcies can remain on credit reports for up to 10 years from the bankruptcy's filing date. A Chapter 13 bankruptcy is also called a repayment plan or a wage earner's plan. People who do not qualify for a Chapter 7 bankruptcy, likely because they are still employed, may qualify for a Chapter 13 bankruptcy. With a Chapter 13 you will be required to make payments to a court-designated trustee, who will then distribute the funds to your creditors.

After no longer than five years, any remaining debt is discharged. While Chapter 13 bankruptcies can legally remain on your credit reports for up to 10 years, Experian removes them seven years from the filing date. Inquiries don't fall neatly into either the positive or negative information categories.

Inquiries are either neutral or negative to your credit scores, but do not indicate mismanagement or the default of a credit obligation, and don't always result in a lower credit score.

Inquiries are simply a record of access into your credit reports by a third party, like a lender. Inquiries will remain on your credit reports for up to two years, and are considered either "soft" or "hard. A soft inquiry results when you or someone else views your credit report for non-lending purposes, such as a credit card preapproval.

Soft inquiries don't affect your credit scores. A hard inquiry will appear as a result of applying for credit or debt. Hard inquiries are visible to anyone who views your credit reports, and too many can lower your credit scores.

As long as the information is accurate and verifiable, the credit reporting agencies will maintain it for the aforementioned timeframes. If, however, you have information on your report that you believe is incorrect, whether it's positive or negative, then you have the right to dispute the information and have it corrected or removed from your credit reports.