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