How Long Does Bad Credit Stay On A Credit Report?
Most people are unaware of exactly how long credit items will remain on a credit report. It is actually very “One Sided”. The “Fair Credit Reporting Act” (FCRA) mandates the duration of time negative credit items can remain on your credit report. The sad part is that the Credit Reporting Agencies (CRA’s) benefit from collecting and leaving these negative items on your file. A common myth it that CRA’s are run by The Government. This is False! CRA’s are merely clearing houses that make their money compiling and selling “Your” information. Private companies pay CRA’s to provide them with information to determine your worthiness to obtain credit or career positions. Without negative information, CRA’s would go out of business! Bad debt remains on your credit report for 7 years from the date of last activity. Other items such as Bankruptcy or Civil Liabilities can remain for up to 10 years from the date of last activity. Do Not Be Fooled! A bad debt can remain on your credit report forever
