For instance, if you had a late payment in April , the late payment would come off your Equifax credit report April , seven years after the date of the missed payment. If that happens, the entire collection account would be removed seven years from the date of your first missed payment that led to the collection or charge-off status.
If you pay the collection account before the seven-year period is up, it can remain on your Equifax credit report, but the account may have less of an impact on your Equifax credit score. Bankruptcy public records stay on your Equifax credit report from seven to 10 years, depending on the type of bankruptcy. Other negative accounts , such as repossessions, can also stay on your report for up to seven years from the date of the first missed payment that led to the negative status.
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Measure content performance. Develop and improve products. List of Partners vendors. Most negative information must be taken off after seven years. Some, such as a bankruptcy, remains for up to 10 years.
When it comes to the specifics of derogatory credit information, the law and time limits are more nuanced.
Following are eight types of negative information and how you might be able to avoid any damage each might cause. A hard inquiry , also known as a hard pull, is not necessarily negative information. However, a request that includes your full credit report does deduct a few points from your credit score. Too many hard inquiries can add up. Fortunately, they only remain on your credit report for two years following the inquiry date.
Limit the damage: Bunch up hard inquiries, such as mortgage and car loan applications, in a two-week period so they count as one inquiry. Late payments usually more than 30 days late , missed payments, and collections or accounts that have been turned over to a collection agency can remain on your credit report for seven years from the date of the delinquency.
Limit the damage: Be sure to make payments on time—or catch up. If you are usually up to date, call the creditor and ask that the delinquency not be reported to a credit agency.
When the creditor writes off your debt following nonpayment, this is known as a charge-off. Charge-offs remain on your credit report for seven years plus days from the date the charge-off was reported to a credit agency. Limit the damage: Try to pay off all or a negotiated amount of the debt. Failure to pay back your student loan remains on your credit report for seven years plus days from the date of the first missed payment for private student loans. Federal student loans are removed seven years from the date of default or the date the loan is transferred to the Department of Education.
Limit the damage: If you have federal student loans, take advantage of Department of Education options including loan rehabilitation, consolidation, or repayment.
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