Although you can get Credit Bureaus to remove inaccurate information from your credit report, there are some things that should be removed automatically. However, as you an imagine, they don't always come off automatically. So, what are the statute of limitations on credit reporting? The maximum time items can appear on credit reports is as follows:
Bankruptcies, Foreclosures & Reposessions
CHAPTER 7 BANKRUPTCY = 10 yrs from the filing date
CHAPTER 13 BANKRUPTCY = 7 yrs after repayment plan ends
FORECLOSURE = 7 yrs after date of 1st delinquency
REPOSSESSION = 7 yrs after date of 1st delinquency
Common Negative Reporting Items
CREDIT INQUIRY (hard inquiry, meaning you authorized it) = 2 yrs after inquiry was authorized
LATE PAYMENTS/MISSED DEBT PAYMENTS = Payments made 30+ days late are reported; can remain for 7 yrs
MEDICAL BILLS = Only appears when they go to collections; 7 yrs after date of 1st delinquency
COLLECTION ACCOUNT = 180 days + 7 yrs after the 1st payment was missed on original account
CHARGE-OFFS = 180 days + 7 yrs after the 1st payment was missed
DELINQUENT ACCOUNTS = 7 yrs after date of 1st delinquency
DEBT SETTLEMENT = 7 yrs after date of final discharge
MISSED CHILD SUPPORT PAYMENT = 7 yrs after date of 1st delinquency
Student Loans
DEFAULTED PRIVATE STUDENT LOAN =7 yrs after date of 1st delinquency
DEFAULTED FEDERAL STUDENT LOAN = 7 yrs after date of 1st delinquency OR until you bring the loan current; Perkins loans remain until paid
Court Judgements & Tax Liens
PAID COURT JUDGEMENT = 7 yrs after judgement filing date
UNPAID COURT JUDGEMENT = May remain indefinitely if judgement is renewed; otherwise matches statute of judgement by the State
PAID TAX LIEN = 7 yrs after lien was filed
UNPAID TAX LIEN = Can remain indefinitely, but bureaus can remove after 15 yrs
Positive Accounts
CLOSED ACCOUNTS in good standing = Can remain indefinitely, but usually removed after 10 yrs
POSITIVE PAYMENT HISTORY = Can remain indefinitely, but usually removed after 10 yrs
PAID LOAN = Can remain indefinitely, but usually removed after 10 yrs
Need help removing inaccuracies from your credit reports or need credit monitoring?
Comments