How long does negative information remain on my credit report? | Consumer Financial Protection Bureau (2024)

FAQs

How long does negative information remain on my credit report? | Consumer Financial Protection Bureau? ›

Under the provisions of the Fair Credit Reporting Act, adverse information—for example, collection actions, charge-offs, suits, and judgments—may remain on your credit report for seven years.

A credit reporting company generally can report most negative information for seven years. Information about a lawsuit or a judgment against you can be reported for seven years or until the statute of limitations runs out, whichever is longer.

In most cases, a consumer reporting agency may not report negative information that is more than seven years old, or bankruptcies more than 10 years old. Access to your file is limited.

It prescribes the periods for which credit bureaus may keep negative information about individuals: one year for slow-payment information, including late payments, skipped payments or partial payments, and five years for court judgments.

Highlights: Most negative information generally stays on credit reports for 7 years. Bankruptcy stays on your Equifax credit report for 7 to 10 years, depending on the bankruptcy type. Closed accounts paid as agreed stay on your Equifax credit report for up to 10 years.

To clean up your credit report, start by obtaining a copy from each of the three major credit bureaus and carefully review them for any errors or inaccuracies. Dispute any incorrect information with the credit bureaus and provide supporting documentation if necessary.

The statute of limitations for bringing an action for a violation of the FCRA is two years from the date of discovery of the violation by the consumer, although the action must be brought within five years of the date of the actual violation.

What happens if you never pay collections? ›

If you never pay a debt in collections, the immediate consequence is a significant negative impact on your credit score. This derogatory mark can stay on your credit report for seven years, affecting your ability to secure loans, credit cards, and favorable interest rates.

Debts you're not responsible for

You might not have to pay a debt if: it's been six years or more since you made a payment or were in contact with the creditor. there was a problem when you signed the agreement, for example if you were pressured into signing it or the agreement wasn't clear.

Consumer reporting agencies are required by law to remove most negative information about your account after seven years, which generally means that if you find an item in their report that is older than seven years you should dispute that information.

Derogatory marks typically stay on your credit reports for seven years, but some may cast their shadow for up to 10 years.

The 7-year rule means that each negative remark remains on your report for 7 years (possibly more depending on the remark). However, after that period has ended, a remark will most probably fall off of your report.

You generally cannot have negative but accurate information removed from your credit report. You can, however, dispute accurate information if it appears multiple times. Most negative information will remain in your report for seven years. Some types of information remain longer.

Simply write a letter to your creditor to explain why you made the late or missed the payment and take responsibility for it. In the letter, it may help to point out that you have previously made consistently on-time payments and plan to continue that payment pattern. Then, ask the creditor to remove the negative item.

After seven years, a charge-off will disappear from your credit report automatically. If waiting seven years is not an option for you, try to speak to the company that placed the charge-off on your account and negotiate a repayment plan.