Specifically, how long does negative information remain on your credit report?

Question

I have information on my credit report that is reflecting negatively on my credit score, due to late payments. I know that negative information like this remains on my credit report from 3 -7 years. However, when is it removed? I have read that it is removed based on the date of the first delinquency (in this case April, 2001), and then then I have read that it is removed based on the last date information was reported on the account/date of account closure (Jan, 2003). The account I am referring to is paid in full, with a zero balance. Based on this information - would the information be removed based on the April date or the January date? Is it exactly 7 years? - for example, if we use the January date, it would be removed in January of 2010. Can anyone clarify this for me?

This is not a credit card, it's an old mortgage.

Answer 1

7 years from the date of 1st deliquency. So the April date...I would expect it to come off by May 2008.

It really shouldn't be affecting your credit that much at this point. Usually anything paid off more than 3 years ago isn't taken into great account in your credit score.

If you feel it is really hindering you then you should try to dispute it with the credit bureau. I recently disputed several old items on my credit report and 4 of the really old items were removed...so it is worth the effort.

Answer 2

Items can stay on your credit report for up to 7 years depending on the item. They will not necessarily or automatically be removed by the credit bureau. It is best to contact each credit bureau yourself. The removal is based on the "date of last activity". Many creditors will also "renew" your account by transfering the debt to a new account number in order to keep it active(if there is still a debt owed). An aged account on your report with a zero balance and lates does not necessarily affect your rate negatively. In fact, it might not have an effect at all. beware that when a score is calculated, several things come into play, it isn't a cut and dry format.

Credit Restoration Specialist

Answer 3

This is a good question and as a former lending officer for 15 years the answer is yes they are to come off automatically in 7 years however, that does not always happen. The best thing you can do especially if the credit card is $0 and you have closed it is to call the credit card company and ask that they remove that from your credit report. If the card is still open and you are still using it then at the end of 7 years from the last late paid then call them and ask them to remove the derogatory status on the account. Again, this does not always happen automatically and that is why it is important to check your personal credit report at least once a year.

Answer 4

Lets use those credit cards wisely to get that score up. Use one for food and one for gas Pay in full each month. Make sure you never use more than 30% of your available credit limit Ex: $300 credit line, make sure you never touch more than $90 a month in usage This is when the score starts reducing. Many people do not know these rules and end up causing damage all over again. Use your cards wisely and with care Never dare carry a balance It will take 1 to 2 years to see an improvement - a very slow process

Answer 5

Negatives fall off your credit report 7 years and 180 days from the date of last activity (DOLA) which is the default date. If your account was 30 days late in April, the count starts from April. It should fall off by October 2008

Paying does not add another 7 years to the reporting period.

Answer 6

Let me clarify Bdancer's answer more clearly.

THE 7 YEAR REPORTING PERIOD STARTS FROM THE FIRST MISSED PAYMENT THAT LED TO A CHARGE OFF OR COLLECTION ON THAT ACCOUNT... BY LAW A CREDITOR MUST REPORT AN ACCOUNT AS A CHARGE OFF AFTER 180 DAYS OF NON PAYMENT..... WHICH IS WHY IT IS CONSIDERED TO BE 7 YRS + 180 DAYS BEFORE IT WILL BE REMOVED FROM YOUR REPORT. THIS IS THE FEDERAL LAW REGARDING REPORTING.....THERE IS ALSO THE STATE LAWS WHICH CONCERNS THE STATUE OF LIMATIONS ON WHICH YOU CAN BE SUED ON A DEBT GONE BAD. EVERY STATE HAS THEIR OWN TIME FRAME REGARDING THIS AND IT SHOULD NOT BE CONFUSED WITH THE 7 YR + 180 DAY FEDERAL TIME LINE.

In your case, since this did not go into charge-off status, this item should drop off in March of 2008.

Answer 7

Derogatory accounts show on your credit for 7-years from the date of first delinquency.

Answer 8

About 7 years not not show in your report. Trust me when you buy a car or home it will show even if it 30 day late payment. You might want to consider getting a monotoring program of account. I have www.freecreditreport.com and it works great its only 13 bucks and every months it gives me an update of my current credit status. Good luck :)

Answer 9

it is 7 years from date of last activity - so it should be off - dispute the account through www.annualcreditreport.com

Answer 10

dispute it to all the credit agencies ... usually it is about 3-7 years but you have to stay on them ....