Credit reports affect almost everything we do. From renting an apartment to applying for a job, what it says can make our lives easier or be an obstacle to overcome. If your credit falls into the latter category, it's important to know how long those bad debts are going to be on your credit report.
Negative Information
Paying a credit card late or getting behind on a car payment are just two of the negative items that appear on your credit report. Negative information like this can remain on your credit report for as long as seven years. The older the information is, though, the less it impacts your credit report and score.
Exceptions
Bankruptcy and tax liens are treated differently than other negative information. Bankruptcy can linger on your report for as long as 10 years. Unpaid tax liens can appear for up to 15 years. Judgments can stay on a report for seven years or until the statute of limitations runs out, whichever is last.
Fixing Your Credit
It's tempting to look for an easy way to remove negative information from your credit report. There are companies out there that offer to do this for a fee. Unfortunately, the only way to remove items from your credit report is to contact the credit companies if the information is wrong. If it's right, it just takes time and a commitment to avoid adding any new negative items.
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