Since credit reports tell a lot about our financial standing in society it is advisable to take all necessary steps and avoid the listing of events that could work to your disadvantage for the years to come. Everywhere you need to make a deal and there’s’ finances involved, people are going to lay emphasis on your credit report rather than how well you present yourself.
It’s best to understand your credit report from the basics. You need to realize that your credit rating is almost going to be unaltered no matter how hard you try reviving it if you choose to commit grave financial blunders. It’s best to try and steer clear of such situations and do all it takes to keep yourself away from the credit bureaus hawk eye when it comes to getting a negative listing.
As a matter of fact most negative information on your credit report happens to remain listed for at least 7 years and even longer as per the Fair Credit Reporting Act.
• Negligence information such as late payments and collections stay on your credit report for 7 years from the date of delinquency
• Charge-offs, stay for & years + 180 days from the date the credit bureau receives such information
• Student loan defaults show up for a period of 7 years.
• Foreclosures will be listed for 7 years.
• Law suits or judgments stay there for 7 years from the date such information is filed.
• Bankruptcy details are listed for 10 years from the date you file for it.
• Paid tax liens are noted for 7 years from the date you repay them
• Unpaid tax liens remain listed for a period of 15 years.