How long will an adverse action be reported on your credit report?

Question

The state I live in is Illinois.

I heard a company can only put adverse information on your credit report for 7 years. Is this true??

Answer 1

If you are asking about general credit - credit cards, bank loans, etc. then the reporting period would be 7 years and cannot legally be re-aged to report past the obsolescence date.

For credit cards the start date would be the first time you became 30 days late and never brought the account current leading to the charge off.
For bank loans, utilities, etc. it would be from the last payment before the charge off.
For repo deficiencies, it would be from the date the vehicle was sold that created the deficiency.

edit+++++++++
No it is not 7 years plus 180 days. (read the FCRA Staff Opinion Letters)
The 180 days are "only" allowed by the FTC for possible errors of the true obsolescence date by the data furnisher.<<(a shortened explanation)

The account MUST fall off at 7 years from the true obsolescence date.

Answer 2

In general, the rule is 7 years. BUT, according to the Fair Credit Reporting Act, it is actually 7.5 years from the date of delinquency, not from the date that the creditor took action (ie sold it to collections). Regardless of how long a creditor waits to charge off, sell or transfer a debt, they must report the date of last payment (month and year). It will not fall off until 7 years + 180 days have passed.
For other things, bankruptcies stay for 10 years from the date of filing.
Public records will stay on 7 years from the date of payment.
Unpaid tax liens can stay on your report indefinitely.
I hope that helps!

Answer 3

Yes. It is supposed to be removed after 7 years unless it isn't resolved or is still ongoing. However, I have yet to have several paid stats put on things some 10 years ago that still appear. The credit bureaus, who are obligated by law to investigate any unsubstantiated claims, didn't do their job when I contacted all 3 of them. Ergo, don't believe what you hear. If you have resolved the issue, NEVER get rid of the proof!!! Trust me, you will need it again. Hope this helps!!!

Answer 4

Normally between 30 to 45 days.

Answer 5

depends on who put it on there. bankrup 7 to life. my grandparents filed bankrup in the depression i pulled up my grandparents cr rept since i am their trustee & it still shows on there, and the rept agencys did not show or take there information off. the companies have total control over how long they keep it on report. missed pmts 12 mo if pmt missed in May will fall off next june. if YOU report something stays on rept for 90 days. i have id thieft & have to re-rept every 90 days

Answer 6

ECHO is correct as usual.