How long does information stay on my credit report?

Positive information:

This means that a positive (on-time paid as agreed) payment history on a credit card, mortgage, or other loan may show up on your credit report so long as you are paying your accounts on time, and may be reported after a loan is paid off, and even after the account is closed. A positive payment history also helps you build and maintain a strong credit score, which can lead to favorable terms for any future loans you might need. It’s common for credit reporting companies to use your length of credit history as a factor in determining your credit score, meaning the more experience and the longer the history you can show managing your credit well, the better.

Credit reporting companies are required to follow reasonable procedures to assure maximum possible accuracy of information contained in their consumer reports.

Tip

Don’t pay fees to “repair” your credit history.

Many companies promise to “repair” or “fix” your credit for an upfront fee. However, no one has the right to remove negative information, such as late payments, from a credit report if it is accurate. You can only get your credit report fixed if it contains errors, and you can do that on your own at no cost.

If you have a problem with credit reporting, you can submit a complaint with the CFPB online or by calling (855) 411-CFPB (2372).

Negative information:

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. Bankruptcies can stay on your report for up to ten years.

Even though credit reporting companies usually won’t report this negative information after these limits they still may keep your information on file.

There are also certain instances where credit reporting companies may nevertheless report negative information outside these time limits. Time limits on reporting negative information do not apply if the credit report will be used in connection with:

• Your application for a job that pays more than $75,000 a year
• Your application for more than $150,000 worth of credit or life insurance

Where this page came from

This page was imported from Consumer Financial Protection Bureau. Published by the Consumer Financial Protection Bureau and, as a work of the United States government, in the public domain.

Nobody has written it yet — it is the source material at a new address, which is why search engines are asked to skip it and why no one earns from it. It is up for grabs: take it on, and it is yours to rewrite and to earn from.