Statutes of Limitations for Credit Reporting

A derogatory items can stay on your credit report for up to 7 years from the date of the first delinquency. No matter if the debt was sold to another company, the date begins to run from the first date of the first lender.

Bankruptcies.
a. Chapter 7 is a total discharge of your debts and can stay on your credit report for up to 10 years.
b. Chapter 13 bankruptcy is a reorganization of your debts and can stay on your credit report for up to 7 years.

Tax Liens.
a. Unpaid tax liens can stay on your credit report for up to 15 years.
b. Paid tax liens can stay on your credit report for up to 7 years from the date that its paid.

Judgments can remain on your credit report for up to 7 years from the filing date. Paying the judgment will not change that date, but the credit report must reflect that the judgment has been satisfied.

Managing your credit report is YOUR responsibility

The statutes of limitations above are NOT self-executing. It’s your job to periodically review your credit report to see what items should fall off. If an out of statute item has not fallen off, contact us and we will begin the process of getting it removed.

For a free copy of your credit report, go to http://www.annualcreditreport.com. This is the government sanctioned website and it allows you to obtain one free credit report from all three credit reporting agencies, once a year.