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Credit Report Item Expiration
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When do reported items expire and drop off your credit report?
When checking your own credit report be sure to check the expiration dates
for any negative item that you find. Late payments, tax liens,
bankruptcies and other negative items that have expired and are still showing up
on your credit report can affect your credit score. Disputing these items
and having them removed from your credit report can give your credit score a
much needed bump in the right direction. Take a look at TrueCredit's
expiration guide to get started:
- Bankruptcy � Chapter 7, 11, and 13 bankruptcies remain on your credit report
for 10 years after the filing date. Chapter 13 bankruptcy records are sometimes
removed after 7 years from the filing date based on the credit reporting agency
policy. When you file for bankruptcy, all the accounts included should be marked
as "Included in BK" and will each stay on your report for 7 years.
- Charge-off Accounts � If your delinquent account is charged-off, the record
will stay on your credit report for 7 years.
- Closed Accounts � If the account has delinquencies, those marks will stay on
your credit report for 7 years from the date they were reported. Positive closed
accounts (with no delinquencies or late payments) can remain on your credit
report for longer than 7 years.
- Collection Accounts � Accounts sent to collections will remain on your credit
report for 7 years from the date of the last 180-day late payment on the
original account. The record will be marked as "paid collection" on your report
when you pay the full balance. If you settle with the collections agency for a
reduced amount be aware your record will state the account as "paid for less
than the total due."
- Inquiries � When a creditor or lender checks your credit it causes a "hard
inquiry" to be listed on your credit report. These hard inquiries stay on your
report for up to two years, and they can cause a slight drop in your credit
score if there are too many of them. When your credit is checked by an employer
or when you check your own credit online, you may see a harmless "soft inquiry"
on your credit report. Soft inquiries do not cause a drop in your credit score
and do not appear when a business checks your credit.
- Judgments � Most judgments, including small claims, civil and child support,
will remain on your credit report for 7 years from the filing date.
- Late payments � If you are late with a payment, the 30-180 day delinquency
can stay on your credit report for 7 years.
- Tax Liens � City, county, state and federal tax liens are especially harmful
and can remain on your credit report indefinitely. Once the lien is paid the
record will remain on your credit report for 7 years from the payment date.
Source: TrueCredit (TransUnion)
Additional Articles:
Credit Repair - Step by Step Instructions
How to Dispute Items On Your Credit Report
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