Repairing Credit – Some Items On Your Credit Report Might Surprise You
Everyone knows your credit report contains personal information about you, along with a detailed credit history. However, you may not be aware of other information that can make its way into your file that can significantly impact your life and ability to get credit for a very long time.
Credit-reporting agencies frequently use private companies to search public records for potentially damaging public information. The amount of time this adverse information can stay in your file varies, but it can have long-term negative consequences. Here is some information on what you might not have expected to find on your credit report.
Over Due Accounts
Accounts in arrears can be listed on your credit report for up to seven years after they go delinquent.
Accounts Sent to Collection – Accounts charged off can be reported for up to seven years. The seven years starts 180 days after the last missed payment that led to the collection action or charge-off.
Bankruptcy
nformation on a personal bankruptcy can remain on your credit report for up to ten years after either your case has been dismissed or you received a discharge.
Information on Criminal Activity – Most criminal records, such as indictments and arrests, can be reported for up to seven years. However, criminal convictions can be reported indefinitely.
Paid Tax Liens
A tax lien can be reported for up to seven years after you’ve paid it off.
Judgments and Lawsuits
These actions can be reported either until seven years from the judgment date against you, or the statute of limitations runs out, whichever one is greater.
Child Support Payments in Arrears
Missed child support can be reported for up to seven years.
Education Loans
Overdue or defaulted government guaranteed or insured student loans can be listed in your credit report for more than seven years.
Most credit reporting agencies routinely remove most negative items on your credit report within seven to ten years. The exceptions include when you apply for more than 0,000. of credit or life insurance, or apply for a job offering a salary of greater than ,000.
Inaccurate, incomplete, and out-of-date information often finds its way onto credit reports. It is your responsibility to hold the credit agencies accountable for fixing any errors or omissions you find on your report. Conduct your own annual credit check by requesting a free yearly credit report from each of the three credit reporting agencies. Check each report for accuracy and completeness. Ask that any errors be corrected. You have the right to have mistakes and omissions fixed in a timely manner.
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