Question:
do things on your credit history such as credit cards stay on your credit history forever. Or does it come off after so many years. what does stay on forever and what doesn't. Please help.
Answers:
Items remain on your credit report for the number of years that the law allows. Nothing should stay on forever.
The worst mark is Bankruptcy which stays on your report for 10 years.
A judgement (which is public record that you owe a debt) can stay on your report for 7 years (but can be renewed by creditor if not paid in full)
Other stuff can stay on your report up to 7 years
Inquiries - when you apply for credit can stay on your report for 2 years... (too many inquiries doesn't look good on your report)
if you are delinquent in any of your accounts, it will stay up to 7 years.
bankruptcy stays on yr credit for upto 10 years.
tax liens stay upto 15 years.
1. public records stay for 7-10 years (bankruptcy, leins) after the debt is discharged/paid.
2. trade-lines (all creditor accounts) 10 years after the account is closed.
3. Inquiries stay on reports for 24 months.
4. Payment history shows the most recent 24 months. So if you make a late payment, it will show for 24 months on the report. I also believe that it will show in a payment summary section for the life of the account.
I hope this helps. You should pull your credit a few times a year to see what is on there and dispute what should be removed. A monitoring service is not a bad idea with identity theft being a growing problem.
you can visit websites like freecreditreport.com, they give you reports free but the catch is you must enroll in their monitoring program.
the credit bureaus have their own websites.
Experian is CreditExpert.com
Trans Union is TrueCredit.com
Equifax is Equifax.com
Yes there are three credit bureaus who all obtain your information by creditors that report your data to them.
There can be, and usually is, differences in the your credit report with each of these companies.
Good Luck
Negative information - 7 years after it's paid. Paid (zero balance) closed accounts will stay on for 10 years. Bankruptcy for 10 years.
Inquiries will remain for 24 months, but only the last 1 year count against the score.
All active accounts stay on for as long as they are open and have a balance - then see above.
An unpaid past due collection account is just like an active account - it stays on forever. Once you pay it off, as a derogatory account it remains for 7 years like any other paid account - except that it's considered derogatory rather than a positive past experience and so counts against your score instead of adding to it.
usually about 7 years.unless it's a student loan. you're probably stuck with those forever
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