How Long Do Negative Items Stay On Your Credit Report?

Your personal reputation describes the way that others view you on a personal level. Everyone strives to have a good reputation so that they are perceived in a positive way. The same goes for your business reputation which refers to how others view your business and who you are as a business owner.

Your credit, on the other hand, is your financial reputation. Just like your personal and business reputation, it can either be very good, very bad, or somewhere in between. However, your credit has one main difference that the others don’t. If you have poor credit (a bad financial reputation), you can take certain actions to rebuild it into something good.

Those that have bad credit have negative items on their credit reports. This could mean a number of things. Unfortunately, these negative items remain on your credit report for several years and it takes time to remove these negative items when rebuilding your credit.

Let’s look at all of the types of negative information that could be affecting your credit score. This way, we can talk about what you can do to improve your credit score and repair your financial reputation once and for all.

Credit Accounts & Late Payments

Depending on the type of credit accounts and how long you’ve had those accounts open, it will have a greater effect on your credit report than others. Some negative items remain on your credit report for 7 years, such as credit accounts and late payments. Other factors that will remain on your credit report for 7 years include:

  • Charge-offs
  • Student loan accounts
  • Collection accounts
  • Completed Chapter 13 bankruptcies
  • Closed delinquent accounts
  • Tax liens
  • Judgments
  • Collection accounts from collection agencies
  • Tax liens

Credit repair is the best solution to improve your credit score. Once accounts are disputed, the credit bureaus will review all of the items and determine whether or not they should be removed from your credit report. This will extinguish the statute of limitations because they will no longer appear on your credit report. Once these items are removed and you’re repaying your debts, then your credit score will increase.

Chapter 7 Bankruptcies

A Chapter 7 bankruptcy can remain on your credit report for up to 10 years from the filing date. The credit repair process can ensure that the bankruptcy is accurately reported and that any other accounts associated with your bankruptcy are being treated accordingly.

The professional Credit Repair Specialists at The Credit Repair Team can look over your credit report to determine all of the negative items that could be drastically affecting your credit score. We can show you certain things on your payment history, balances on your credit accounts, and how you can move forward with your repair.

In time, we will work together to help you come up with a customized plan on how to remove and resolve those negative items from your report in much less than 7-10 years.* (We do not repay their debts)

The Credit Repair Solution

If a debt collection account, tax lien, bankruptcy, unpaid student loan, or any other negative items appear on your credit report, the last thing that you should do is ignore it. Debt collections have a significantly negative impact on your credit, so it’s imperative that you handle it the right way.

Having The Credit Repair Team on your side is the best solution. We will work with not only the credit bureaus but also directly with the creditors and collection agencies towards removing as many negative items from your credit report as possible.

Depending on the credit scoring model (VantageScore or FICO), certain factors may impact your credit score more so than others. Either way, resolving your debts is always the first habit to get the hang of. Even a partial payment of your debts can restart the statute of limitations or a specific time period of legal liability for the debt.

So whether a negative item remains on your credit reports for 7 years or 10 years, we will work together to get everything repaid in a timely manner. The bottom line is that no one wants an account in collections. Sometimes we make mistakes and we don’t have the necessary resources to pay off a bill in time.

There’s no need to stress or get anxious about this. Things happen and we must live life on life’s terms. To do that, you must seek the right help. The Credit Repair Team can help you through this process of rebuilding your credit and improving your financial reputation.

 



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