Over the past decade, the credit reporting timeframe has remained unchanged. This is due to the legislation passed that became the FCRA (Fair Credit Reporting Act). There have been slight modifications over the years but the nuts and bolts remain the same.
Understanding the Credit Reporting Timeframe
As you embark on any credit rebuilding journey, it is extremely important to keep information around how long a negative item can report nearby. Not only will it keep you motivated to know when something could drop off organically, it also informs your decisions. For example, how you approach a collection item that is three years old will likely be completely different than how you approach one that is one years old, or six years old.
Late Payments or Delinquencies (30 – 180 days): Can remain seven years from the date of the initial missed payment. 30 day late payments will stop impacting your score after two years but will continue to report for seven years.
Collection accounts: Remain seven years from the date of the initial missed payment that led to the collection (otherwise known as the original delinquency date). When a collection account is paid in full, it will be marked “paid collection” on the credit report. This is important. It is not removed once paid. This is discussed in many locations on this website.
Charged-off accounts: Remain seven years from the date of the initial missed payment that led to the charge off (the original delinquency date), even if payments are later made on the charged-off account. These are generally old credit card debt.
Closed accounts: Closed accounts are accounts that are no longer available for further use and they may or may not have a zero balance. Closed accounts with delinquencies remain seven years from the date they are reported closed, whether closed by the creditor or by the consumer. Positive closed accounts remain 10 years.
Lost credit card: If there are no delinquencies, credit cards that are reported lost will continue to be listed for two years from the date the card is reported lost. Delinquent payments that occurred before the card was lost are reported for seven years.
Bankruptcy: Chapters 7, 11, and 12 remain for 10 years from the filing date. Chapter 13 remains seven years from the filing date. Accounts included in bankruptcy will remain seven years from the date they were reported as included in the bankruptcy.
Child support judgments: Remain seven years from the date the judgment is filed.
Civil and small claim judgments: Remain seven years from the date the judgment is filed.
City, county, state, and federal tax liens: Unpaid tax liens remain 15 years from the filing date. Paid tax liens remain seven years from the paid date of the lien.
Inquiries: Most inquiries listed on your credit report will remain for two years. Positive open credit information remains indefinitely and paid positive accounts remain 10 years.
Credit Reporting Agencies Change Internal Policy
During the last half of the previous decade, the credit reporting agencies starting allowing consumers the ability to ask for removal of items at roughly six years. This is a small but favorable change. This process is handled through a standard direct dispute, but you should make this dispute through the US Mail as compared to the online dispute process.
Keep Tabs on Negative Items By Triaging
Now that you have a firm understanding of how long something can report, it is beneficial to triage your credit report. The easiest way to do this is quite simply print a copy and mark up the accounts with the date they will fall off. Credit reporting agencies list the date they feel it will fall off, but this isn’t always accurate and is important for you to understand if they have made a mistake on that listing, because if they have, it will aid you in the removal.
