Code Enforcement LiensFebruary 9, 2017
How much does a 1% increase to Interest Rates hurt housing?February 9, 2017
HOW LONG DOES NEGATIVE INFO STAY ON OUR CREDIT REPORTS?
First, inquiries remain on your credit report for 2 years (24 months), and they only impact your credit scores for the first 12 months if they are hard inquiries (when a lender pulls your report as part of your application for credit, for example).
Most negative information remains on your credit report for 7 years: The few exceptions are:
Credit Accounts: If the account containing the negative information is closed, then the entire account will be removed after 7 years. If the account remains open, the negative information will be removed, but the account will remain on the credit report.
Positive information can remain indefinitely; if the account is closed, it will typically remain on the report for 10 years after it is closed.
Collection Accounts: A collection account remains for 7 years plus 180 days from the date the account was delinquent leading up to when it was placed for collection. After that time, it must be removed regardless of when it was paid or when it was placed for collection. (Watch for duplicate collection accounts.)
Public Records: Chapters 7, 11 and 12 bankruptcies remain for 10 years from the date filed. Chapter 13 bankruptcies may be reported up to 10 years after filing, but credit reporting agencies typically remove them after 7 years.
Tax liens remain for 7 years from the dated filed if paid and remain indefinitely if not paid.
Paid judgments remain for 7 years from the date filed, while unpaid judgments remain for 7 years or the governing statute of limitations, whichever is longer. Since unpaid judgments can be renewed, they can stay on a credit report for a long time.