how long does bad credit stay on your file?

Answer 1

7 years is the law - or you can dispute any item and the creditor has 30 days to prove the debt or it must be removed by them

Answer 2

For the cessation of the debt plus 7 years.

Also, more and more companies are asking questions like 'Have you ever had any difficulties paying credit?' If you say No to this question and then it is found you have, then the answer is an untruth and could stop you getting the credit/mortgage. If this is the case, you could also end up with an indicator on your credit reference that says you don't always tell the truth which will definitely haunt you forever.

Hope this helps.

Answer 3

I found a solution that worked for me. It might work for you too.

I had some pretty serious credit problems…some were not my fault and, I guess, a few were. I listened to the so-called “experts” who said they could fix my credit report and I spent money I didn’t have. I didn’t have any luck trying to get my credit report fixed.

I remember paying for the services that these Credit Repair Companies had to offer. The companies told me that they could have negative items removed from my credit reports without any problem, Yeah, right. This did not happen at all. Most of the companies wanted to charge me a set up fee anywhere from $39 to $299 for their services. Not only did they charge this set up fee, most of them also wanted to charge me from $29 to $49 monthly while they “attempted” to repair my credit report. These companies offered no guarantee that their services would actually work and, believe me, they didn’t.

I was about ready to give up when I found a lady who had been through the same thing and who had found a solution. She figured out how get all the negative items removed from her credit report within 3 months without paying anyone a penny. She developed a fast, easy, step-by-step process that she guarantees will work for everyone. She sells the complete plan with all the help and instructions for $47.00.

I know what you are thinking…”another $47 down the drain,” and that’s kind of what I was thinking too. But, I figured that since she offers a 100% money back guarantee I had nothing to lose.

Well, I tried it and it was amazing. I got all of the negative items removed from my credit report and my credit score went from 553 to 715 in only 3 months. All I can say is that it worked great for me. I suggest you check it out. You can always get your money back if it doesn’t work for you. If it works even half as well for you as it did for me you will never even think about asking for a refund.

The information is on this site: http://clean-credit-secrets.com/

Answer 4

It is simply amazing!

Take a look as my past answers! I've answered this same question more then I can count! I've supplied my source of information to prove that I am correct! And yet these people continue to give the wrong answers again!

Even more amazing is that I've seen many of these same responders here many times, so I KNOW they have seen my answer.

AMAZING!!!

Yes, CactusFlower, you are correct. Many answers here are incorrect. Yours especially.

For starters, we were not even discussing bankruptcy reporting times, but since you bring it up....it's 10 years starting at the time of filing, NOT FROM DISCHARGE! Now I've posted this answer many times already, with my sources.


Fair Credit Reporting Act:

§ 605. Requirements relating to information contained in consumer reports [15 U.S.C. § 1681c]

(a) Information excluded from consumer reports. Except as authorized under subsection (b) of this section, no consumer reporting agency may make any consumer report containing any of the following items of information:

(1) Cases under title 11 [United States Code] or under the Bankruptcy Act that, from the date of entry of the order for relief or the date of adjudication, as the case may be, antedate the report by more than 10 years.


And to correct the other wrong answers here....


(5) Any other adverse item of information, other than records of convictions of crimes which antedates the report by more than seven years.

(This date begins from the date of the delinquency. NOT the reporting time, NOT the last transaction date, NOT the charge off date.)

So to answer your question....if you had a payment due on Jan 1, 1999, and you missed it, then THAT is the beginning of the reporting period. After 7 years (Jan 1, 2006) the entry MUST be removed from your credit file.

Why is this so difficult for people to understand?

Answer 5

Most notations, in your credit file, stay for 7 years, bankrutpcy for a full 10 years from discharge date.

I've noticed a lot of bad/wrong advice given on these boards... FOLKS........... it's 10 years for a BANKRUPTCY and that's from discharge date, not filing date.

Answer 6

Public record information in some states may also include overdue child support. Bankruptcy information can remain on your credit report up to 10 years; unpaid tax liens can remain for up to 15 years; other public record information can remain up to seven years.

Credit information includes specific account information, such as the date opened, credit limit or loan amount, balance and monthly payment and payment pattern. The report also states whether anyone besides you (a joint account holder or cosigner, for example) is responsible for paying the account. Active positive credit information may remain on your report indefinitely, while most negative information remains up to seven years.

Requests by others to view your credit history will show you who has received information from your credit report and who was given your name during the recent past, as allowed by law. According to the Fair Credit Reporting Act, credit grantors with a permissible purpose may inquire about your credit information without your prior consent. This section includes the date of the inquiry and how long the inquiry will remain on your report.


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Answer 7

i know for a fact that a default from say a credit company stays on your file for 7 years, regardless if you pay it back or not.

You can get a letter of correction to say you have paid it, but if you apply for anything in the next 7 years, the default will show.

Answer 8

Normally about 5 years (on paper), problem is that if you build up any bad credit in those 5 years, the story starts all over again.

And in real-life a lot of companies still won't give you any credit if you have a history. So unfair.

Answer 9

Usually 6 years.

Answer 10

once all the debt is payed off you can pay to have name cleared of debt as you have paid it however it still stays with you for 6 years. If you wanted to buy anything on credit before it will show up you are clear but it will be on the descretion of who you are applying to for more credit if they give it to you or not.