Details of your Credit Report
on Tuesday, January 5, 2016
If you know there are a few blemishes on your credit score from a few years back, you might be asking: “How long do my negative credit events make an impact on my current score?” The truth is, the amount of time something is on your credit report depends on the type of activity.
Both positive and negative information can remain on your Experian Credit report for varying amounts of time. The most prominent items may linger longer, but the duration may differ.
TIMELINE:
25 Months
Credit Inquires: Credit Inquires occur when your credit report is accessed. Only hard inquires–those resulting from your application for credit–over the last year impact your FICO Score powered by Experian data, though.
7 Years
Chapter 13 Bankruptcy: Chapter 13 bankruptcy allows you to pay back some, or sometimes all, of your debt with lenders and stays on your report for 7 years.
Civil Judgments–Paid and Unpaid: Civil judgments are rulings against you, generally lawsuits.
Collection Accounts: Remain on credit report for 7 years from the date of the first delinquency
Tax Lien–Paid: Unpaid tax liens remain on credit report for 7 years from the filing date.
Late Payment: From original delinquency data regardless if the payment is made and the account is current or if the account is closed and the payment is never received.
10 Years
Chapter 7 Bankruptcy: Under Chapter 7 Bankruptcy, you don’t repay any of the debt and it remains on your credit report for 10 years if petitioned and discharged. If the Chapter 7 is dismissed, then the bankruptcy will remain on your credit report for 7 years from the filing date.
Tax Liens–Unpaid: Unpaid tax liens remain 10 years from the filing date.
Closed Accounts: If no negative history, account is removed from credit report 10 years after the account is closed.
Paid Closed Accounts: With no delinquency or derogatory history data captured includes: Credit cards, mortgages, school loans, car payments, utilities.
Indefinitely/Ongoing
Payment Activity: The entire time an account is open and active
Open and Active Accounts: As long as an account is open, it show up on your credit report.
Identifying Information: First name, last name, Related aliases, Home address (current and past)
If you need help assess loans or home mortgages you might qualify for relating to your credit score and other factors, Stonebridge Mortgage Group can help you today.
SRC: See the entire article here: www.experian.com/blogs/ask-experian/2015/05/18/infographic-how-long-does-something-stay-on-my-credit-report/
