2. How Long Items Can Stay in a Credit Report
Once a credit bureau gathers information about
you, it can report that information (that is, include it
in a credit report) as follows:
• Bankruptcies from the date of the last activity may be reported for no more than ten years. Although the date of the last activity for most bankruptcies is the date you receive your discharge or the date your case is dismissed, credit bureaus usually start counting the tenyear period from the earlier date of filing.
• Lawsuits and judgments may be reported from the date of the entry of judgment against you for up to seven years or until the govern ing statute of limitations has expired, whichever is longer.
• Paid tax liens from the date of the last activity for up to seven years.
• Most criminal records, such as information about indictments or arrests, may be reported for only seven years. But records of criminalconvictions may be reported indefinitely.
• Accounts sent to collection (internally or to a collection agency), accounts charged off or any other similar action may be reported from the date of the last activity on the account for up to seven years. The date of last activity is no later than 180 days from the delinquency itself. Creditors must include the date of the
delinquency when they report past due accounts to credit bureaus. The clock does not start ticking again if the account is sold to another collection agency.
• Bankruptcies, lawsuits, paid tax liens, accounts sent out for collection, criminal records and any other adverse information may be reported beyond the usual time limits if you apply for $150,000 or more of credit or insurance, or if you apply for a job with an annual income of at least $75,000. As a practical matter, however, credit bureaus usually delete all items after seven or ten years.
Taken From : Credit Repair by Attorneys Robin Leonard and Deanne Loonin
