Fun Fact Friday!

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SOL

Hi Everyone!

A friend of mine asked me a question the other day that is something everyone needs to know about their credit report. There is a statute of limitations on how long negative items can remain on your credit report. So if you’re thinking that the mistakes you made with credit cards at 18 or 19 will haunt you for the rest of your life, good news! You can turn it around! So, here’s how this works, and when you’re ready to make your credit score work for you, talk to Inversion Credit to help you get a leg up!

Credit Accounts:
Negative information remains for 7 years from the initial missed payment that led to the delinquency.

Active positive information can remain indefinitely (if an account is closed that has been positive, then it will typically remain on your report for 10 years after the date the account is closed).

 

Collection Accounts:
A collection account remains for 7 years from the initial missed payment that led to the collection.

 

Public Records:

Chapter 7, 11 and 12 bankruptcies remain for 10 years from the date filed.

Completed Chapter 13 bankruptcies remain for 7 years from the date paid, and 10 years if not completed.

Paid tax liens remain on file for seven years from the date released (paid)

Unpaid tax liens remain on file indefinitely

All judgments remain for 7 years from the date filed.

 

Inquiries:

Inquiries remain for 2 years.

 

Remember that some states have additional rules and regulations, get the professional help you need to make the process smooth and painless with the Specialists at Inversion Credit!

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