Do It Yourself Credit Repair – What’s On Your Credit Report Might Surprise You

We all expect to find detailed credit history and other personal information when looking at your credit report. But some of the other information that frequently ends up there might take you by surprise. Unfortunately, some of these items can have a long lasting adverse effect on your ability to obtain credit and your lifestyle.

Credit-reporting agencies frequently use private companies to search public records for potentially damaging public information. The amount of time this adverse information can stay in your file varies, but it can have long-term negative consequences. Here is some information on what you might not have expected to find on your credit report.

Delinquent Accounts – Late payments can be reported for up to seven years after the date of the last payment before the account went delinquent.

Accounts Sent to Collection – Accounts charged off can be reported for up to seven years. The seven years starts 180 days after the last missed payment that led to the collection action or charge-off.

Bankruptcies – Personal bankruptcies can be reported for no more than ten years after the date of the last activity. This usually means either when you received your discharge or the date your case was dismissed.

Records of Criminal Activity – Information on indictments, arrests, and other criminal activity can be listed for up to seven years. Actual criminal convictions however, can be listed indefinitely.

Liens for Unpaid Taxes – Tax liens can be listed on your credit report for up to seven years after the last payment.

Judgments and Lawsuits – Such actions can be reported either until the statute of limitations runs out, or seven years after a judgment is entered against you, whichever is longer.

Child Support Payments in Arrears – Missed child support can be reported for up to seven years.

Student Loans – Unpaid government insured or guaranteed student loans resulting in negative action can be reported for over seven years.

In some cases, adverse information can be reported even well beyond the standard time limits. For instance, if you apply for $150,000. or more of credit or life insurance, or if you apply for a job that pays over $75,000. that information can be listed longer. However, most credit reporting agencies remove these and all other negative items within seven to ten years.

Inaccurate, incomplete, and out-of-date information often finds its way onto credit reports. It is your responsibility to hold the credit agencies accountable for fixing any errors or omissions you find on your report. Conduct your own annual credit check by requesting a free yearly credit report from each of the three credit reporting agencies. Check each report for accuracy and completeness. Ask that any errors be corrected. You have the right to have mistakes and omissions fixed in a timely manner.

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