Credit Boo-Boo's

poor credit

This is a repost from last year....

Does your credit look like a train wreck?  I've talked to several clients recently who hit a rough spot - and are working their way out.  They had some questions I thought other people might need answered too!

How long does negative information stay on a credit report?

The Fair Credit Reporting Act says that negative information can stay on your report for a minimum of seven years (I always thought that said MAXIMUM - but I was wrong).  There are some exceptions to this:

* Delinquency information like late payments remain for seven years from the DATE OF DELINQUENCY.

* Charge-offs stay for seven years PLUS 180 days from the date reported to the credit bureau.

* Student loan defaults report for seven years.

* Foreclosures stay on your report for seven years. The seven year rule also applies to Law suits, judgments and paid tax liens.

* Bankruptcy stays for 10 years from the date you file.*

* UNPAID TAXES stay on your report for 15 years!  Ouch!

If you have questions about items you think might be holding you back from purchasing a home, and getting a mortgage, please consider our site devoted to answering your questions about disputes, and various mortgage loan program requirements!  How To Improve My FICO



Comment balloon 3 commentsEleanor Thorne • February 16 2009 09:30AM


Good information to have on hand.  thanks for the info

Posted by Vanessa V. Simmons, Realtor (Real Living HER) over 10 years ago

Eleanor - I just got an interesting update from CITI.  FHA Loans and Va Loans <$417,000 require a 620 score.  Also, they are no longer taking non-traditional credit.  To say that credit is of the utmost importance right now may be the understatement of the year.

Posted by Jason Sardi, Your Agent for Life (Auto & Home & Life Insurance throughout North Carolina) over 10 years ago

Eleanor - Valuable information.  Thanks!  I'm going to print it out for reference when talking with clients.

Posted by Carol Smith (Casmi Photography) over 10 years ago