Delinquencies can remain on your credit report for 7 years.
Derogatory credit information has to be removed from your credit report after 7 years from the date of first delinquency. Sometimes a debt buyer or a collection agency may re-age the date of last delinquency so that negative information stays on your credit report longer than seven years. This is illegal and you are entitled to compensation.
Statutes of Limitations for Credit Reporting
Bankruptcies.
a. Chapter 7 is a total discharge of your debts and can stay on your credit report for up to 10 years.
b. Chapter 13 bankruptcy is a reorganization of your debts and can stay on your credit report for up to 7 years.
Tax Liens.
a. Unpaid tax liens can stay on your credit report for up to 15 years.
b. Paid tax liens can stay on your credit report for up to 7 years from the date that its paid.
Judgments can remain on your credit report for up to 7 years from the filing date. Paying the judgment will not change that date, but the credit report must reflect that the judgment has been satisfied.
Managing your credit report is YOUR responsibility
The statutes of limitations above are NOT self-executing. It’s your job to periodically review your credit report to see what items should fall off. If an out of statute item has not fallen off, contact us and we will begin the process of getting it removed.
For a free copy of your credit report, go to http://www.annualcreditreport.com. This is the government sanctioned website and it allows you to obtain a free credit report from all three credit reporting agencies.