Statute of Limitations

Hi Donald

Accurate negative remarks stay in the credit report for a period of seven years. Bankruptcy is reported for a period of ten years.

The duration of such negative remarks starts from the time when you became late or the account went into collections. Most of the times, it is thought that it starts from the time when the last payment was made on a specific account.

Negative information in the credit file lowers the credit scores and reduces the credit worthiness. It is necessary to dispute those items with the credit bureaus which have been reported incorrectly in your credit file. The CRA will investigate with your information providers and present your accurate credit status.