Reporting Periods for Information Contained on Consumer Credit Reports

If you are late on an existing account, the individual late can remain on the account 7 years from the late date.You can fix this problem if you keep the account open, eventually the late will expire off of the credit report and the listing will revert back to positive.

If you have a collection, charge off, repossession, foreclosure these can remain on the credit report 7 years from the date of first delinquency. If you defaulted you can always go back and pay the creditor or collection agency in exchange for deletion. You might be able to get the item back off of the credit report before the 7 years are up.

If you have a judgment or bankruptcy chapter 13 then these can report 7 years from the file date. If you go back and pay the creditor or collection agency holding the judgment you may be able to request that they dismiss the judgment. This means that the judgment never existed and that the Credit Reporting Agency would be required to remove. So it is possible to get these removed before the 7 years are up. Bankruptcies are different sometimes people start out filing chapter 13 thinking they can meet the payment plan, only to later realize they are over their head and have to convert to a chapter 7. This can result in more then one bankruptcy listing and extend the reporting longer than 7 to 10 years.

If you have a bankruptcy chapter 7 then this can report 10 years from the file date.

If you have a tax lien this can report forever if unpaid, and 7 years from the pay off date once paid. Sometimes even though it says these can remain forever if unpaid. Certain entities will release or dismiss a tax lien after so many years. I am not aware what merits this special situation but you should check with your local or country court house to gain additional information about your specific case.

If you have a student loan, this can report 7 years for each collection agency, meaning it could report forever if unpaid. Once paid it will come off 7 years from the collection agency's open date. Student loan companies never convert to judgments since a judgment has a statute of limitation and student loans do not. Also federal student loans are not able to be discharged in bankruptcy. So be very careful when entering into such an agreement. I actually recommend that if you are not getting the best interest rate on the student loan that you transfer it over to a regular installment loan, or pay off with a credit card. Installment loans and credit cards are unsecured and less sever if you default later on them.

Positive accounts will stay on the credit report as long as the account is open, once closed it will stay on 10 years from the close date.

For further information about reporting times you can visit the Federal Trade Commission site and read the Fair Credit Reporting Act. § 605 Requirements relating to information contained in consumer reports

http://www.ftc.gov/os/statutes/fcradoc.pdf

Usually the credit reporting agency automatically takes the items off after 7 years is up. But if you see it still on, then just dispute it with the credit reporting agency that said item is obsolete and needs to be removed, it should come right off with no problem.

Another thing to watch out for, is reaging. Some negative accounts can be extended on the reporting if the collection agency lies about the drop off date to the credit reporting agency. It is very important that people keep all of their statements even when an account defaults. To have proof if they ever try extending the reporting.

It is important to understand if a consumer applies for:
1. Insurance exceeding $150,000
2. Employment exceeding $75,000
3. Loan exceeding $150,000

A full credit report can be accessed showing information beyond the 7 year period. Otherwise for all other loans falling under these amounts regular credit reports will be access with the 7 to 10 year limit.