How long does something stay on a persons credit record?
You can report a valid account to a persons credit for a period of seven years from the last payment you received or the last date of service. For instance, if you sold a good or service in 1999 but received a payment from your customer in 2007, you can adjust the date of occurrence or date opened to reflect the 2007 date. The account will then remain active until 2014. The Fair Credit Reporting Act The complete text (as amended October 2001) of the law governing credit reporting.
