Negative information can remain on your credit report for a long time--10 years for bankruptcies and seven years for other negative information, including foreclosures, charge-offs, collection accounts, late payments and more.
Removal
Negative information must remain on your credit report until it expires--unless it is found to be inaccurate. You can challenge any mistakes on your credit report by writing the nationwide credit bureaus The Fair Credit Reporting Act requires the credit bureaus to remove inaccurate information within about 30 days of being notified by you.
Significance
Negative entries on your report will cause your credit score to drop and possibly make it difficult for you to obtain credit. However, the impact of negative entries on your report lessens over time, as creditors are more concerned with your payment history over the past 12 to 24 months than five years ago.
Prevention
The easiest way to avoid having negative entries on your credit report is to simply pay your bills on time. Missing even one payment because of forgetfulness can result in a negative mark on your report.
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