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Instant Credit Report > How Long Can Various Types Of Information Stay In Your Instant Credit Report?
How Long Can Various Types Of Information Stay In Your Instant Credit Report? |
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Your instant credit report is a very important document from which creditors and lenders make their decisions about approving or denying loan applications. If you've been denied a loan or credit within the last 30 days based on a credit report issued by a credit bureau, then the creditor that denied you the loan is required by law to inform you of the denial and provide you with the name and address of the credit bureau that issued the credit report. You have the legal right to request a free copy of your instant credit report from a credit bureau if a potential creditor used that credit bureau's report in the last 30 days to deny you credit, employment, or insurance. The credit bureau Experian extends this period to 60 days. While the credit bureau can furnish you the details of what items are in your instant credit report, only the creditor can tell you the specific reason of why your application was denied. A credit-reporting agency usually must automatically delete from your instant credit report any adverse credit information that is more than 7 years old and any bankruptcies that are more than 10 years old. These regulations, however, do not apply to information given for credit transactions that involve a principal of $150,000 or more, for life insurance that involves a principal of $150,000 or more, or employment of an individual with an annual pay of $75,000 or more. How Long Does Information Stay on My Credit Report? Delinquent Payments: If you make a payment more than 30 days after the due date, it will appear as a late payment in your instant credit report. Even if you pay off the account in full, the entry will continue to appear in your report for 3 to 7 years from the date you missed your first payment. Collection Accounts: If you don't pay an account for three months, a creditor or lender can mark your account for collections. Your instant credit report will show the payments marked for collection for 7 years from the time you missed the first payment that led to the collection. Even if you pay off the account in full after collection activity has started, your instant credit report will show the entry for 7 years. At the most, it may be marked as "paid collection." Inquiries: Requests made by individuals or organizations to view your credit report are marked as inquiries on your instant credit report. For example, if you apply for an auto loan, the auto loan company asks the credit bureau for a copy of your credit report and an inquiry notation is marked on your credit report. Inquiries usually remain for two years. Too many inquires on your credit report can lower your credit score. Charge-offs: Charge-offs occur when, for whatever reason, a lender decides to write off your debt as a loss, rather than attempt to collect it from you. It is then marked as a charge-off. A charge-off remains on your instant credit report for 7 years from the time of the first missed payment that led to the charge-off. Bankruptcy: Chapters 7, 11, and 12 bankruptcies remain on your instant credit report for 10 years from the bankruptcy filing date. Chapter 13 bankruptcy remains on your credit report for 7 years after the discharge, which takes 3 to 5 years from the date of filing. Exceptions: There are some exceptions to the given time frame that a negative item will appear in your credit report. If you're applying for a life insurance policy of more than $50,000 or for a job that pays more than $20,000 a year, a credit bureau may provide information outside of the standard time frame. All of these things affect your credit score. If any of this information appears in your instant credit report and is incorrect or false, talk to your creditors about the disputed items. Make sure to specify why the information is inaccurate or incomplete. If you have any document to substantiate your claim, mail it to the address provided on your credit report and request a new investigation. |
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