How long does information stay in the credit file?
In general, there is a “7 year rule” for reporting derogatory information depending on the type of account that contains the derogatory information. Open accounts, without any derogatory information, can remain in the file indefinitely. There is no law that governs “good account information.” However, most creditors will stop reporting a trade to the national credit bureaus after 7 years from the date of last activity on the account. Derogatory information, such as late payments, collections, charge offs, repossessions stay on the file for 7 years. Paid tax liens, 7 years from date of payment. Unpaid Federal tax liens remain on the file until paid, or 10 years if in accordance to Title 26 IRS Code, 6502(a)(1). Chapter 13, 7 years from date filed (date of entry of the order of relief). Chapter 7, 10 years from date filed (date of entry of the order of relief).
