Statute of Limitations on Closed Accounts on Credit Reports

The statute of limitations for closed accounts listed on credit reports is governed by the Fair Credit Reporting Act. The act covers the reporting of all items including unpaid obligations, good credit items, bankruptcy, legal judgments and tax liens.

Charge-Offs and Delinquent Debt

Any type of legal judgment or tax lien remains on the credit bureau reports for a period of seven years.

From the date of the last delinquent payment, 180 days must elapse regardless of whether the lender charges off the debt, transfers or sells it. Subsequent to the expiration of the required 180 days, credit bureaus are required to report the past due debt for seven years from the original date of delinquency.

Bankruptcies

Debts contained within a bankruptcy can be reported individually.

Bankruptcies are carried on credit reports for a period of seven or 10 years, depending upon the type of bankruptcy and the policy of the credit bureau. In general, Chapter 7 and 11 bankruptcies are carried for 10 years from the date of legal adjudication. Chapter 12 and 13 bankruptcies are carried for seven years from the date that the court's repayment program is satisfied.

Legal Judgments and Tax Liens

Tax liens are reported for seven years from the date paid rather than filed.

Any type of legal judgment or tax lien remains on the credit bureau reports for a period of seven years.

Good Credit

Good credit items remain on credit reports for a period of 10 years before being aged off.