How long does negative information remain on my credit report? | Consumer Financial Protection Bureau (2024)

FAQs

How long does negative information remain on my credit report? | Consumer Financial Protection Bureau? ›

Most negative information generally stays on credit reports for 7 years.

Under the provisions of the Fair Credit Reporting Act, adverse information—for example, collection actions, charge-offs, suits, and judgments—may remain on your credit report for seven years.

A credit reporting company generally can report most negative information for seven years. Information about a lawsuit or a judgment against you can be reported for seven years or until the statute of limitations runs out, whichever is longer.

In most cases, a consumer reporting agency may not report negative information that is more than seven years old, or bankruptcies more than 10 years old. Access to your file is limited.

You generally cannot have negative but accurate information removed from your credit report. You can, however, dispute accurate information if it appears multiple times. Most negative information will remain in your report for seven years. Some types of information remain longer.

The 7-year rule means that each negative remark remains on your report for 7 years (possibly more depending on the remark). However, after that period has ended, a remark will most probably fall off of your report.

The effects of late payments are long-lasting but not permanent. A late payment will be removed from your credit reports after seven years. However, late payments generally have less influence on your credit scores as more time passes.

A 609 Dispute Letter is often billed as a credit repair secret or legal loophole that forces the credit reporting agencies to remove certain negative information from your credit reports.

How long do closed accounts stay on your credit report? Negative information typically falls off your credit report 7 years after the original date of delinquency, whereas closed accounts in good standing usually fall off your account after 10 years.

Consumer reporting agencies are required by law to remove most negative information about your account after seven years, which generally means that if you find an item in their report that is older than seven years you should dispute that information.

When may negative information be removed from a consumer's report? ›

Inaccurate, incomplete, or unverifiable information must be removed or corrected, usually within 30 days. However, a consumer reporting agency may continue to report information it has verified as accurate.

If the derogatory mark is in error, you can file a dispute with the credit bureaus to get negative information removed from your credit reports. You can see all three of your credit reports for free on a weekly basis. If the derogatory marks are not errors, you'll need to wait for them to age off your credit reports.

Briefly explain the situation that caused the error. Explain the steps you took to correct the issue and ensure it wouldn't happen again. Mention how it's negatively affecting you, like if it's hindering your ability to qualify for a mortgage. Ask for a “goodwill adjustment” to have it removed.

The debt will likely fall off of your credit report after seven years. In some states, the statute of limitations could last longer, so make a note of the start date as soon as you can.

If the derogatory mark is in error, you can file a dispute with the credit bureaus to get negative information removed from your credit reports. You can see all three of your credit reports for free on a weekly basis. If the derogatory marks are not errors, you'll need to wait for them to age off your credit reports.

Correct information cannot be removed and stays on file for at least seven years. So, if your score is low due to accurate negative information, you'll need to repair your credit over time by making payments on time and decreasing your overall amount of debt.