How Long Does Information Remain on a Credit Report?

A credit report is a list of facts about your identity and bill-paying history. When you pay credit cards and loans as promised, a positive credit rating is the result. But if you pay such bills late or not at all, those facts reflect negatively on your credit report. In the United States, the three major credit reporting agencies are Equifax, Experian and TransUnion, according to the Federal Trade Commission.

Timely Payments

If you keep a credit card, line of credit or loan open and always pay it on time, then those timely payments will help your credit rating indefinitely. But once you close the account, those on-time payments will only help your credit rating for 10 years. Some credit card companies and lenders do not report payment history at all to the credit bureaus, but this practice is rare.

Late Payments

Once your expected payment is 30 days late, the lender can legally report this to the credit bureaus; this negatively impacts your credit rating for seven years from the date of the late payment. The seven-year time frame also applies to other types of late payments or accounts that were "charged off" or sent to collection agencies. Other businesses to which you owe money, like a doctor's office, can turn your outstanding balance over to a collection agency. That agency can report your account to the credit bureaus, even if it is ultimately paid, for seven years from the date of the original missed payment.

Bankruptcies

Bankruptcy allows individuals struggling financially to partially repay debts in Chapter 13 or eliminate many debts altogether under Chapter 7. When someone files bankruptcy, the local court system automatically issues a report to the major credit bureaus. A Chapter 7 case negatively impacts credit for 10 years from the date of filing, while Chapter 13 reflects on credit reports for seven years from the date of filing. Even if a judge ultimately rejects the bankruptcy request, the fact that the debtor filed for bankruptcy will still be reflected on his credit reports.

Judgments and Liens

If you're successfully sued in court for unpaid debt or causing harm to someone else, a civil judgment is the result. This judgment usually reflects on your credit reports for at least seven years; the exact time frame depends upon whether or not you paid it and your state of residence. Some unpaid judgments, especially those for child support, can be indefinitely renewed. Tax liens, which result from unpaid taxes, stay on credit reports for 10 years.