When Does This Fall Off my Credit?

How Long do Negative Items Stay on Credit

How Long do Negative Items Stay on Credit

Many consumers encounter tough times, forget to make payments or just do not know a payment is due.  The result?  A ding on credit.  The ding can be minor and it can be major.  Either way, things like late payments, collections, foreclosures and bankruptcies have a long-lasting impact on a consumers ability to use their credit.  Just how long you ask?

How Long Does a Bankruptcy Stay on my Credit?

This answer varies on the type of bankruptcy a consume files – Chapter 7 or Chapter 13.  A chapter 7 is where you do not pay your debts back while a chapter 13 is where you make payments over time.  Both stay on your credit for different time-frames and the time-frames are measured from different points.

Chapter 7 Bankruptcy:  Stays on credit for 10 years from the date of discharge
Chapter 13 Bankruptcy: Stays on credit for 7 years from the filing date (NOT the discharge date)

How Long Do Collections Stay on my Credit?

Collections, whether it be a medical collection or a non-medical collection typically stay on a consumers report for a relatively long period whether or not they are paid.  It is important to note that if you pay a collection off after it has already reported to your credit, the reporting time-frame may start over.

Collections: Stay on credit for 7 years from reporting (typically)

How Long Do Public Records Stay on my Credit?

Public records such as tax liens, judgments etc… have serious staying power.   There are several different types of things that can qualify as a public record in addition to judgments and Federal Tax Liens.

Public Record: Stay on credit for 7 years from reporting (typically)

How Long Do Late Payments Stay on my Credit?

Ever go on vacation and forget to go online to make a payment?  If it becomes late (defined by being paid over 30 days from the due date) that little mistake can haunt you for a long time.

Late Payments: Stay on credit for 7 years from reporting (typically)

The more time that passes from a negative item hitting your credit report the less of an impact it will have on your score.  It is important to monitor your credit to stay ahead of any errors and to be aware of any negative information that shows up.  Sometimes creditors will work with consumers to delete negative information.

By Jeremy House

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Jeremy is the Founder of The HOUSE Team and a Sr. Loan Officer/Branch Manager with PrimeLending. Over the past several years he has ranked in the top 1% of all loan officers nationwide and one of the top 200 loan officers in America. In the mortgage industry, the devil is in the details. Jeremy prides himself on being a student and an expert when it comes to everything mortgage related.

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