Gulf Coast Financial Solutions
How long do negative items stay on my credit report?
Accurate negative information generally can be reported for seven years, but there are exceptions:
- Bankruptcy information can be reported for 10 years;
- Information reported because of an application for a job with a salary of more than $20,000 has no time limitation;
- Information reported because of an application for more than $50,000 worth of credit or life insurance has no time limitation;
- Information concerning a lawsuit or a judgement against you can be reported for seven years or until the statute of limitations runs out, whichever is longer; and
- Default information concerning U.S. Government insured or guaranteed student loans can be reported for seven years after certain guarantor actions.
- Tax liens stay on 7 years from the date PAID.
Some other rules to keep in mind:
The Statute of Limitations has nothing to do with the length of time something can stay on your credit report, they are two TOTALLY separate things. Again, there is absolutely NO relationship.
The length of time a negative mark can stay on your credit report starts from the time you were late or the late payment went into collection, not from the last time you made a payment on the account. Some collection agencies update their reporting status on you to keep the account active with the bureaus to extend the time the account appears on your report. Very crafty and underhanded of them, because most often the account is updated and the period of time the account is active appears to be extended. This is illegal! Challenge this! If you do, bureaus will correctly remove it 7 years from origination. Period. In other words, paying a collection will not keep it on your credit report for a longer period of time.
Summing It Up!
Inquiries: 2 yrs Collections: 7yrs
Bankruptcies: 10 yrs Charge-Offs: 7-10yrs
Foreclosures: 7-10 Yrs Tax Liens : 7 yrs
35% Your Payment History
30% Your Outstanding Debt
15% Your Length of Credit History
10% Your Recent Inquiries
10% Your Credit Use
This is an estimated figure only of the FICO Scoring System used.
1. Each item on your credit report must bew proven or it cannot remain on your report. If the credit bureaus cannot verify the items when investigated, they must be removed from your file whether it's true or not.
2. Every negative entry on your report can be denied or challenged at any time. The bureau must reinvestigate and if that item cannot be verified within a "reasonable time", must be removed from your file.
3. Items challenged can be mistakenly erased.
4. many times the creditor does not reverify in time or the credit bureau is busy and doesn't handle your dispute properly. It then, must be deleted.
5. The older an item is, the more difficult reverification is and possibly cannot be verified because records may no longer exist after 1-2 years.
This is all true, but now there is a super computer that has taken an operators place, which is called the E-OSCAR. This super computer assists the merchant furnisher and Consumer Agencies keep better track of your files and thus, makes it harder for items to be deleted. But, there is a loophole around this with the steps we take to ensure nothing is reporting incorrectly on your credit reports.
It is foremost, your right to dispute or have disputed any item on your credit reports and you cannot legally be refused by the Bureaus to Investigate these items. They will use any and all tactics to avoid this procedure. This is where we can help, get around the tactics and find a loophole in, so that your right won't be denied.
