Credit Report Harmful Information

Late payments, tax liens, bankruptcies. Are you anxiously waiting for old records to be removed from your credit report? Take the initiative to check the expiration dates on records in your credit report. For example, if you discover an obsolete bankruptcy from 1992, disputing the record with your creditor can boost your credit score. Check out the handy expiration guide to kick your credit management into gear:

Bankruptcy
Chapter 7, 11, and 13 bankruptcies remain on your credit report for 10 years after the filing date. Chapter 13 bankruptcy records are sometimes removed after 7 years from the filing date based on the credit reporting agency policy. When you file for bankruptcy, all the accounts included should be marked as "Included in BK" and will each stay on your report for 7 years.

Charge-off accounts
If your delinquent account is charged-off, the record will stay on your credit report for 7 years.

Closed accounts
If the account has delinquencies, those marks will stay on your credit report for 7 years from the date they were reported. Positive closed accounts (with no delinquencies or late payments) can remain on your credit report for longer than 7 years.

Collection accounts
Accounts sent to collections will remain on your credit report for 7 years from the date of the last 180-day late payment on the original account. The record will be marked as "paid collection" on your report when you pay the full balance. If you settle with the collections agency for a reduced amount be aware your record will state the account as "paid for less than the total due."

Inquiries
When a creditor or lender checks your credit it causes a "hard inquiry" to be listed on your credit report. These hard inquiries stay on your report for up to two years, and they can cause a slight drop in your credit score if there are too many of them. When your credit is checked by an employer or when you check your own credit online, you may see a harmless "soft inquiry" on your credit report. Soft inquiries do not cause a drop in your credit score and do not appear when a business checks your credit.

Judgments
Most judgments, including small claims, civil and child support, will remain on your credit report for 7 years from the filing date.

Late payments
If you are late with a payment, the 30 -180 day delinquency can stay on your credit report for 7 years.

Tax Liens
City, county, state and federal tax liens are especially harmful and can remain on your credit report indefinitely. Once the lien is paid the record will remain on your credit report for 7 years from the payment date.