How long does negative information stay on my credit report?

If you've ever been denied for a loan, you know how important having good credit can be. In some cases, it dictates your standard of living. Because of this, many consumers are interested in knowing how long it takes for undesirable items on their credit reports to fade away. Unfortunately, negative situation doesn't automatically drop off of your credit report. It takes time.

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Some items, such as credit inquiries only stay on your credit report for two years. Although two years is a relatively short time, other items linger much longer. For example, both Chapter 7 and Chapter 13 Bankruptcies stay on your credit report for seven years. The same is true of any type of judgment, foreclosure, paid tax lien, collection account, or charge off.

If seven years seems like a really long time, you probably will be disappointed to hear that lines of credit or loans actually show up on your credit report up to 10 years from the date closed or paid in full and unpaid leans can actually stay on your credit report indefinitely until paid.

For some people, the idea of pulling a credit report is disconcerting. It usually means finding out that you are denied for the loan you've been hoping for. Perhaps you've had financial problems in the past, and you are trying to work through those difficulties. The documentation of all your past credit history sometimes makes it difficult to obtain purchases on credit.

If your credit report is less than desirable because of negative information, don't be discouraged. It may take time, but restoring your credit is something you can accomplish. Talk to current creditors and work out payment plans you can live with. Take steps toward building positive credit. It won't happen overnight, but it will happen. With determination and dedication toward resolving a tainted credit report, you can begin taking the necessary steps toward rectifying the situation. One day, you too will be able to look back at a low credit rating as a thing of the past.