Basics
There is a variety of different items that can be attached to your credit report. Once an item is attached to your account history, it will take at least seven years for the item to be removed from your credit report. Once the item is removed, your credit report score is increased. However, there are exceptions to the seven-year rule that govern the majority of items attached to your credit report.
How Long Items Can Stay on Your Credit Report: Part 1
The exceptions to the seven-year rule are described here. If you file for bankruptcy, the filing can be reported for 10 years. There is no time limit on the amount of time an item is on your account if it is involved in the application for a job that pays more than $20,000 per year. If you apply for life insurance or apply for credit in an amount at or above $50,000, there is no time limit on what items can be searched on your credit report. If an item exists because of the outcome of a judgment in the court of law, that item stays on your credit report for seven years or until the statute of limitations runs out on the law governing your case. In this case, the longer time is upheld. The information relating to a default on student loans is available for up to seven years. If the item is a tax lien, that item stays on your credit report for seven years after the entire lien amount is paid.
How Long Items Can Stay on Your Credit Report: Part 2
There are a few other things to remember when determining how long an item is going to stay on your credit report. The Statute of Limitations has no bearing on how long an item can stay on your credit report. At no point in legal documentation does it intersect. If you pay a collection notice that is on your credit report, it does not take the item more time to be removed from your report. The time that an item stays on your credit report is determined from either the last time you were late on a payment or the date when said item was sent to collections.
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