Though Federal law DOES NOT require credit reporting
agencies to report negative information on your credit
report, it does specify how long it can remain there. Most negative information
must be erased after seven years from the date of original delinquency or, in
the case of public records, the date of filing. This includes late payments, accounts
that the lender turns over to a collection agency and judgments filed against
you in court –– even if you later pay the account in full.
The length of time a bankruptcy remains on your credit report depends upon the type of bankruptcy you file. Chapters 7, 11 and 12 can remain for up to ten (10) years. Yet, a Chapter 13 bankruptcy, in which you repay part or all of your debts under a court–approved payment plan, can remain on your credit report for up to seven (7) years.
Positive information can remain on your report indefinitely.
Inquiries can remain on your credit report from six months and two years, depending upon the type of inquiry.
(If the FBI accesses your credit report in connection with an investigation of issues such as counterintelligence, NO RECORD of that access will appear on your report.)
