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How Long Does Information Stay on a Credit Report?
By Paul Quinn



Credit information can, and usually does, stay on a person's credit
report for seven years. Collections stay on the report for seven years
from the date of last activity whether that is the date that the
account was filed as a collection or the date the account was paid in
full. Here's an example:

Jane Borrower had a collection for $300 filed against her in October
of 1994, and she hasn't paid it. It is now September of 2001, so in a
few weeks that collection can come off of her credit report. (She will
probably have to request of all three credit bureaus that they take it
off.) However, Jane has applied for a loan today, and the loan officer
tells her that she has to pay off that debt in order to be approved.
Since she has the money, she pays it off. Because the date of last
activity is now September 2001, the collection will show on her report
until September 2008…. another seven years!!!

Bankruptcy information can stay on a credit report for ten years.
Information about foreclosures is reportable for twelve years from the
date filed. Garnishments, judgments, and tax liens can stay on the
report for twelve years from the date of entry or for seven years from
the date they were satisfied. Dismissed garnishments, judgments, and tax liens are not reportable.

*Type of Information*
*Length of Time Can Stay on Credit Report*

General credit information Seven years
Collection: Seven years from date of last activity
Bankruptcy: Ten years
Foreclosure: Twelve years from the date filed
Garnishment: Twelve years from the date or entry or seven years from the date satisfied
Judgment: Twelve years from the date or entry or seven years from the date satisfied
Tax lien: Twelve years from the date or entry or seven years from the date satisfied
Dismissed garnishments, judgments, and tax liens: Not reportable

A consumer can request copies of his or her credit report from the three credit bureaus and dispute information that is incorrect. Incorrect information can be corrected or removed, but correct information (good or bad) usually stays on the report for the period allowed. Only the credit grantor or credit bureau can remove correct information. The consumer cannot remove it.



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About the Author

Paul Quinn, Menlo Park Funding
87 West End Ave
Somerville, NJ 08876
908-231-9100

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