Most negative information drops off your credit report after seven years. However, bankruptcies remain 10 years, and some negative information may remain forever. To verify the information in your report, review your credit reports at least annually. Scrutinize your report carefully to ensure that the report is accurate.
Credit Card
Negative credit card information stays on your credit report for seven years. The seven-year time frame begins on the date that the account first become delinquent. Negative information may include late payments and charge-offs. A charge-off occurs when a creditor decides that you are not going to pay your debt, so it charges the debt off.
Bankruptcy
Bankruptcy will stay on your credit report for 10 years, according to the Federal Trade Commission. If a bankruptcy is still appearing on your credit report beyond 10 years, send a dispute letter to each of the credit reporting agencies to request that the bankruptcy be removed from your credit report.
Other Negative Information
The Federal Trade Commission reports that some negative information may stay on your credit report indefinitely. Such information may include details pertaining to criminal convictions, information generated when you apply for a job earning more than $75,000 per year, and information concerning any applications for more then $150,000 worth of life insurance or credit.
Disputes
If you have negative information on your credit report that is either inaccurate or is older than seven years, you can dispute the information. To dispute items, contact each of the three credit reporting agencies in writing. Enclose copies of any evidence that supports your dispute.
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