what is the max time deliquent credit will stay on your credit report?

Question

I know it all depends upon how severe the deliquency is but there has to be a max time it is allowed to stay on there. What about small things such as small medical bills?

Answer 1

Usually for late payements it's 3 years, 2 years for inquiries,7 years, for charge-offs, repossessions, foreclosures, and judgements, and 10 years for bankruptcies.

Another thing, the reporting period runs 7 ½ years (7 years plus 180 days) from the date (month and year) of the last delinquency (known as "last missed payment:).

So, regardless of how long a creditor waits to charge off, sell or transfer a debt, they must report the true and correct "delinquent or last missed payment" date (month and year) that preceded the creditor's action.

I'll give you an example:

A payment was due on January 10, 1998 but, you failed to make that payment and never made another payment. The Creditor waits until August 98 to take action (charge off, send to collections, sell/transfer debt, etc.) on the debt.

The 180 day count began on January 98, (your last missed payment month) and runs until July 98 at which time the seven (7) year reporting period begins and runs until July 2005.

Here's how Bankruptcies work

The fair credit reporting act allows bankruptcy to be reported for up to 10 years. The key word is "allows" because it is NOT mandatory for credit reporting agencies to report the bankruptcy for the full 10 years. Each credit bureau has its own internal policy on how long it reports any bankruptcy but as a general rule, Chapter 7 is reported for 10 years and chapter 13 for only 7 years.

The reasoning behind this difference in the reporting periods is under chapter 13 you pay at least some of your unsecured debts while chapter 7 relieves you of paying anything thus the longer penalty.

Bankruptcy is reported for 7 or 10 years from the date the bankruptcy is discharged (otherwise known as the "Order of Relief" date) or from the date the bankruptcy case is adjudicated.

Example Chapter 7:
You file bankruptcy on January 10, 2003 and receive a discharge on May 30, 2003. The bankruptcy remains on your credit report until May 2013. (10 years)

Example Chapter 11:
You file bankruptcy on January 10, 2003. You receive confirmation of your chapter 11 plan on March 15, 2003. The bankruptcy remains on your credit report until March 2013. (10 years)

Example Chapter 12 and 13:
The court normally grants the discharge as soon as practicable after you complete all payments under your repayment plan (typically 3-5 years).

So, you file bankruptcy on January 10, 2003 and you begin making payments a couple months later. You complete your repayment plan on March 1, 2006 (3 years later) and the court grants your discharge 70 days later on May 10, 2006. In this case, the bankruptcy remains on your credit report until May 2013 or 2016. (7 or 10 years from the discharge date depending on the credit bureau's policy)

Generally, you don't need to do anything to have a bankruptcy removed from your report once the reporting period expires. However, it's always a good idea to verify that the bankruptcy has been deleted. Find out what the policy of the CRA is (7 or 10 years) and then, if it has expired but not removed, send a letter to the credit bureau requesting the bankruptcy be removed.

Answer 2

It depends on what type of accounts they are.

For general credit such as credit cards, loans, medicals etc. it would be 7 years.

For credit cards it would be 7 years from the first time you became 30 days late and never brought the account current leading to the charge off.
For loans it would be 7 years from your last payment.
For medical it would be 7 years from the date of service.
For repo's it would be 7 years from the date the repo was sold creating the deficiency.

The report SOL CANNOT legally be re-aged. It will remain the same no matter if the account goes to a collection agency or if you pay the original creditor/medical provider/collection agency after the account is charged off

It is ILLEGAL to re-age the reporting SOL.
If the reporting SOL is re-aged, you have a legal right to sue.

Just because an account falls off your report does not mean that you aren't liable for it. They can continue to try and collect and If you are still within the legal collecting SOL for your state, continuing collections could include them suing.

If you are past the collection SOL for your state, then you have the right to notify the collection agency/original creditor that the debt is no longer legally collectible.

As for the medical debts, IF the medical provider receives any monies from the government or the state, you will probably not be able to use SOL as a defense.
Those accounts may be considered the same as any other government type of debt - which means no collecting SOL.

I would suggest contacting the original medical provider and working out a deal to pay.

edit+++++++++++
As far as the 180 days, per the FTC the 180 days is allowed only for the reason of possible inaccurate reporting of the true obsolescence date by the data furnisher - which means the reporting SOL is 7 years, not 7 years plus 180 days.

Answer 3

Lines of credit 7-years, collections 7-years, judgments 7-10 years, bankruptcy's 10-years inquiries 2-years.

All times are from last reported date.

Answer 4

It's something like 7 years from the last point of activity. So if it's been on your report for 5 years, and you call them to settle the account, your 7 years restarts.

Bankruptcies are different, I think they're allowed to be on your report for 10 years.

Answer 5

7 years for delinquent accounts, 10 years if it's a bankruptcy.

Answer 6

negative credit stays on your credit report for 7 years from last date of activity/ payment
except.. bankruptcy and tax liens .. that stays on for 10 years

Answer 7

Depends on the zealousness of the collector.

Answer 8

7 years after you pay it off.