Let’s set the scene:
You’re in need of a loan, so you begin to do some research on credit scores.
You take a look at your credit report, and you notice a few blemishes.
It's OK, {{contact.first_name}} nobody’s perfect.
But for how long will this negative info stay on your credit report, and, consequently, for how long will it continue to hurt your score?
Let's find out.
The amount of time for which negative information can stay on your credit report is governed by federal law.
The Fair Credit Reporting Act (FCRA) states that most negative info must be removed after seven years.
Some of the more serious entries, like bankruptcy, can stay for up to 10 years.
The specifics are pretty nuanced, even for experts, but here are some common negative entries, and how long they may appear on your credit report:
- A hard credit inquiry, which happens when you apply for a new credit card, will last for two years
- Late/missed payments, or collections will stay on your report for seven years
- Charge-offs (when a creditor writes off your debt due to nonpayment) will remain on your report for seven years
- Defaulting on your student loan adds another seven year blemish to your report
- Foreclosure of your home, as a result of debt retention, will last seven years
- Lawsuits, and both paid and unpaid civil judgements, will remain on your report for seven years
If your credit is suffering from any negative entries, we want you to know that there are a number of solutions at your disposal, and we’d love to help you explore the best option for you.
Just reply to this email or give us a call at the number in the signature for more information :)
