Every derogatory item has different reporting lengths for your credit report. In this post we’ll cover how long derogatory items stay on your credit report, including these derogatory items:
- Bankruptcy
- Tax Lien
- Judgement
- Foreclosure or Repossession
- Charge-offs
- Collections
- Late Pays
- Inquiries
- Closed Accounts
Here is how long derogatory items stay on your credit report:
Bankruptcy
A bankruptcy is a public record that lists the date filed and date discharged. Accounts included on your credit report will show as BK accounts.
How long does a bankruptcy stay on your credit report?
10 years from the date field for Chapter 7 bankruptcy, Chapter 11 bankruptcy or Chapter 12 bankruptcy. 7 years for Chapter 13 bankruptcy and 7 years for BK accounts.
Tax Lien
A tax lien is a public record relating to your state or federal taxes. Tax liens can stay on your credit report longer than any other type of derogatory item.
How long a tax lien reports on your credit report: 7 years from the date paid. There is no maximum time for unpaid tax liens.
Judgment
A judgment is a public record relating to a decision made by the courts that was filed or awarded.
How long a judgment reports on your credit report: 7 years from the date filed.
Foreclosure / Repossession
A repossession is when a creditor takes back property you used to secure a loan. Foreclosures apply only to real estate.
How long a foreclosure or repossession reports on your credit report: 7 years
Charge-offs
After a debt (usually a credit card) has been unpaid for 180 days, by law it must be ‘charged off’ by the creditor. They may report a balance (still trying to collect) or a $0 balance (sold to collection agency or gave up on the collection).
How long charge-offs report on your credit report: 7 years from initial missed payment to the original creditor leading to charge-off.
Collections
Original creditors often sell or assign your debt to collection agency. If you apply for a mortgage, they usually require you to pay these off. A paid collection is almost as negative as open.
How long a collection reports on your credit report: 7 years from initial missed payment to the original creditor leading to collection.
Late Pays
You are reported as “late” for being greater than 30 days late on a payment.
How long late payments report on your credit report: 7 years from missed payment.
Inquiries
When anyone requests a copy of your credit report, this is considered an inquiry.
How long an inquiry reports on your credit report: 2 years
Closed Accounts
A closed account is a positive account closed by you or the creditor.
How long a closed account reports on your credit report: 10 years from the date closed.
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