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Certain major negative items can cause serious damage to your credit history for a long time, but fortunately there are expiration dates that determine when the items will no longer appear on your credit report. A bankruptcy tends to stay on a fairly long time – ten years for chapter 7. If you have bad credit that is written off by a creditor as uncollectible, it is called a chargeoff. This black mark will stay with you for seven years. Other collections items, late payments and judgments will also stay on your credit report for seven years. Any account inquiries for a possible extension of credit will remain listed on the credit report for two years.
All of these items will continue to have an impact on your ability to get credit until they are removed. Some items that appear do not expire. These include your employment history and other personal information (name, address, etc.). Also, good credit items do not have a preset time period to be removed.
|Jennifer Mathes, Ph.D.|