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What Affects Your Credit Score?

Wondering when bankruptcies and other derogatory data will no longer appear on your credit reports? Check the dates on records in your credit report. Generally, here's how long this information remains on a credit report

BANKRUPTCY

Generally, Chapter 7, 11 and 13 bankruptcies appear as public record items on your credit report for up to 10 years after filing. Chapter 13 bankruptcy records are sometimes taken off sooner, 7 years after filing, depending on the credit reporting company’s policy. When you receive an Order of Discharge in bankruptcy, your creditors should mark those accounts that were discharged as "Included in Bankruptcy" and they will stay on your report for up to 7 years.

CHARGE-OFF ACCOUNTS

Generally, if a delinquent account is charged-off, the charge-off record appears on your credit report for up to 7 years

CLOSED ACCOUNTS

Generally, negative or derogatory information about delinquent accounts remain on your credit reports for up to 7 years. Positive closed accounts (without late payments or other delinquencies) may appear for longer than 7 years

COLLECTION ACCOUNTS

Generally, accounts sent to collections will be listed on your credit report for up to 7 years, beginning 181 days from the most recent delinquent period before the collection activity. A collection account’s status should change to "paid collection" once you've paid off the entire amount. If you settle with the collection agency for less, your credit report may list the account as "settled for less than full balance.

INQUIRIES

When a creditor or lender checks your credit in connection with an application, you'll usually see a "hard inquiry" on your credit report. Generally, these stay on your report for as long as two years, and may lower your credit score slightly. When a creditor reviews the credit report of an existing customer, or when you access your own data online, a "soft inquiry" typically shows up on your credit report. Soft inquiries don't lower your credit score or appear to businesses checking your credit.

LATE PAYMENTS

Generally, if you make a payment late, the delinquency could appear on your credit report for up to 7 years.

Now that you know what affects your credit score, get your Credit Report & Score