Q.How long will accurate negative information remain on my credit report?
A.When negative information in your report is accurate, only the passage of time will remove it. Accurate negative information generally can stay on your report for seven years. There are 6 main exceptions:
- Bankruptcy information may be reported for 10 years.
- Credit information reported in response to an application for a job with a salary exceeding $75,000 has no time limit.
- Credit information reported as a result of the request for credit or life insurance exceeding $150,000 has no time limit.
- Information about criminal convictions has no time limit.
- Student loan default information can be reported for seven years after certain guarantor actions.
- Information about a lawsuit, or an unpaid judgment, can be reported for seven years or until the statute of limitations runs out, whichever is longer.
Generally the 7 year reporting period runs from the date that the event took place. With regard to any delinquent account placed for collection, the 7 year period runs from the date the delinquency occurred immediately before the collection activity began.