info about credit reports and how long
Date: Mon, 08/02/2010 - 14:48
How long will negative information remain on my credit report?It depends on the type of negative information. Here's the basic breakdown of how long different types of negative information will remain on your credit report:
Late payments: 7 years
Bankruptcies: 7 years for completed Chapter 13 bankruptcies and 10 years for Chapter 7 bankruptcies.
Foreclosures: 7 years
Collections: Generally, about 7 years, depending on the age of the debt being collected.
Public Record: Generally 7 years, although unpaid tax liens can remain indefinitely.
Keep in mind:
For all of these negative items, the older they are the less impact they are going to have on your FICO?? score. For example, a collection that is 5 years old will hurt much less than a collection that is 5 months old.
hope this helps someone!
Nice bit of information. Hope this will help others who want to
Nice bit of information. Hope this will help others who want to know about the time till their accounts will fall-off from the credit reports.
Thanks dd! That IS helpful. Additionally, BK can show for 10 ye
Thanks dd! That IS helpful. Additionally, BK can show for 10 years after discharge, which can add some time to it. So, in a nutshell, we are screwed for 7 to some degree and less as time passes until 7 years. For me, this was a small price to pay. I settled over $150k CC and now my $100k heloc...and after the heloc is paid off in 6 months I will have eliminated $250k+ in debt that will read ZERO BALANCE...worth the credit hit on any day in my life.
What about a dismissed Bankruptcy - I filed for a Chapter 13 and
What about a dismissed Bankruptcy - I filed for a Chapter 13 and then promptly and unexpectedly got downsized. I had to file for a dismissal so I could NOT go into the Chapter 13 payment plan. I have been settling my CC's since and wonder how long a dismissed (And frankly never happened) Chapter 13 hangs around and/or counts against you. I figure seven years, but who knows...
The 3 big credit reporting agencies may report a dismissed bankr
The 3 big credit reporting agencies may report a dismissed bankruptcy differently.
EXPERIAN reports Chapter 7 bankruptcy filings for 10 years and Chapter 13 bankruptcy filings for 7 years irrespective of the fact whether it has been dismissed or not.
TRANSUNION reports Chapter 7 bankruptcy for 10 years and Chapter 13 bankruptcy for 7 years irrespective of whether the bankruptcy has been dismissed or discharged.
EQUIFAX will report dismissed Chapter 13 bankruptcies for 10 years but the discharged one for 7 years. Chapter 7 is reported for 10 years irrespective of whether it has been dismissed.
Although Bankruptcy may drop off your credit report for 10 years
Although Bankruptcy may drop off your credit report for 10 years, it will always be a public record - forever. And it will show up in background checks. Same with judgments.
Quote:Originally Posted by AnonymousWhat about a dismissed Bankr
Quote:
Originally Posted by Anonymous What about a dismissed Bankruptcy - I filed for a Chapter 13 and then promptly and unexpectedly got downsized. I had to file for a dismissal so I could NOT go into the Chapter 13 payment plan. I have been settling my CC's since and wonder how long a dismissed (And frankly never happened) Chapter 13 hangs around and/or counts against you. I figure seven years, but who knows... |
Thank you for the responses!