Credit Reporting Time Period: What You Need to Know
Your credit report is a comprehensive record of your credit history, including all of your borrowing and repayment activities. As such, it is an essential tool for lenders and financial institutions to assess your creditworthiness and make decisions about your ability to manage credit. But did you know that negative items on your credit report are only allowed to remain on your report for a specific period of time? This is known as the credit reporting time period, and it is governed by the Fair Credit Reporting Act (FCRA).
In general, negative items can remain on your credit report for up to seven years from the date of first delinquency. This applies to most types of negative information, including late payments, charge-offs, collections, and foreclosures. However, there are some exceptions and special rules that apply to specific types of accounts. Here’s what you need to know:
The Time Items Can Report:
Charge-offs: If you have a charged-off account on your credit report, it can remain there for up to seven years from the date of the initial missed payment that led to the charge off (the original delinquency date). This is true even if payments are later made on the charged-off account.
Closed accounts: Closed accounts that had delinquencies remain on your credit report for seven years, while positive closed accounts remain on your report for up to ten years.
Lost credit cards: If you reported a credit card as lost or stolen, it can remain on your credit report for up to two years if there were no delinquencies. If there were delinquent payments before the card was lost or stolen, they can remain on your report for up to seven years.
Bankruptcy: If you file for bankruptcy, it can remain on your credit report for up to ten years for Chapter 7, 11, and 12 bankruptcies, and up to seven years for Chapter 13 bankruptcies. Accounts included in bankruptcy can remain on your report for up to seven years from the date they were reported as included in the bankruptcy.
Child support judgments: If you have a child support judgment on your credit report, it can remain there for up to seven years from the date the judgment was filed.
Civil and small claim judgments: If you have a civil or small claim judgment on your credit report, it can remain there for up to seven years from the date the judgment was filed.
Tax liens: If you have a tax lien on your credit report, unpaid liens can remain there for up to 15 years from the filing date, while paid liens can remain there for up to seven years from the paid date of the lien.
Inquiries: Most inquiries listed on your credit report remain there for up to two years. This includes both hard inquiries (those made by lenders when you apply for credit) and soft inquiries (those made by yourself, employers, or other non-lenders).
Positive open credit information, such as accounts that are in good standing, can remain on your credit report indefinitely. Paid positive accounts can remain on your report for up to ten years.
By understanding the credit reporting time period, you can take control of your credit and work to improve your credit score. One of the key ways to do this is to regularly review your credit report to ensure that the information it contains is accurate and up-to-date. If you find any negative items that are older than the credit reporting time period, you can dispute them with the credit bureau by submitting a request in writing. The credit bureau is required to investigate your dispute and provide a response within 30 days. If they find that the information is incorrect, they will correct it in your credit report.
This article was last updated on March 15, 2023