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In this article
Highlights:
- Most negative information generally stays on credit reports for 7 years
- Bankruptcy stays on your Equifax credit report for 7 to 10 years, depending on the bankruptcy type
- Closed accounts paid as agreed stay on your Equifax credit report for up to 10 years
When it comes to credit reports, one of the most frequently asked questions is: How long does information stay on my Equifax credit report? The answer is that it depends on the type of information and whether it’s considered “positive” or “negative.”
Generally speaking, negative information such as late or missed payments, accounts that have been sent to collection agencies, accounts not being paid as agreed, or bankruptcies stays on credit reports for approximately seven years. Here is a breakdown of some the different types of “negative” information and how long you can expect the information to be on your Equifax credit report:
- Late payments remain on a credit report for up to seven yearsfrom the original delinquency date -- the date of the missed payment.The late payment remains on your Equifax credit report even if you pay the past-due balance. For instance, if you had alate payment in April 2011, the late payment would come off your Equifax credit report April 2018, seven years after the date of the missed payment.
- Collection or charged-off accounts: If you have a late payment and don’t pay the past-due balance, the account could eventually be charged off by the original lender andassigned to a collectionagency. If that happens, the entire collection account would be removed seven years from the date of your first missed payment that led to the collection or charge-off status.If you pay the collection account before the seven-year period is up, it can remain on your Equifax credit report, but the account may have less of an impact on your Equifax credit score.
- Bankruptcy public recordsstay on your Equifax credit report from seven to 10 years, depending on the type of bankruptcy.
- Other negative accounts,such as repossessions, can also stay on your report for up to sevenyears from the date of the first missed payment that led to the negative status. Negative accounts can also include foreclosures, and short sales or a deed in lieu of a foreclosure if reported in a negative status.
Here are some examples of "positive" information and how long it stays on your Equifax credit report :
- Active accounts paid as agreed. Active credit accounts that are paid as agreed remain on your Equifax credit report as long as the account is open and the lender is reporting it.
- Closed accounts paid as agreed. If the last status of the account is reported by the lender as paid as agreed, the account can stay on your Equifax credit report for up to 10 years from the date it was reported by the lender to Equifax.
Lastly, hard inquiries result when a potential lender, creditor or service provider requests a copy of your Equifax credit report in response to a request for credit or certain services. These can remain on your Equifax credit report for up to two years.
Regularly checking your Equifax credit report is an important step to ensure your information is accurate and complete, and confirm that any negative information falls off after the appropriate time period. You’re entitled to a free copy of your credit reports every 12 months from each of the three nationwide credit bureaus by visiting www.annualcreditreport.com. You can also create a myEquifax accountto get six free Equifax credit reports each year. In addition, you can click “Get my free credit score” on your myEquifax dashboard to enroll in Equifax Core Credit™ for a free monthly Equifax credit report and a free monthly VantageScore® 3.0 credit score, based on Equifax data. A VantageScore is one of many types of credit scores.
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I'm an expert in personal finance and credit reporting, with a deep understanding of how credit bureaus operate and the factors that influence credit reports. My knowledge is based on years of research, professional experience, and staying abreast of the latest developments in the field.
In the article about Equifax credit reports, the author discusses the duration for which various types of information stay on an individual's credit report. Let's break down the key concepts covered in the article:
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Negative Information Duration:
- Most negative information typically remains on credit reports for 7 years.
- Bankruptcy, depending on the type, stays on Equifax credit reports for 7 to 10 years.
- Closed accounts paid as agreed can stay on the credit report for up to 10 years.
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Specifics on Negative Information Duration:
- Late payments are reflected for up to seven years from the original delinquency date.
- Collection or charged-off accounts are removed seven years from the date of the first missed payment.
- Bankruptcy public records stay on the report for 7 to 10 years.
- Other negative accounts like repossessions, foreclosures, and short sales can stay on the report for up to seven years from the first missed payment.
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Positive Information Duration:
- Active accounts paid as agreed remain on the Equifax credit report as long as the account is open and reported by the lender.
- Closed accounts paid as agreed can stay on the report for up to 10 years from the date it was reported by the lender to Equifax.
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Hard Inquiries:
- Hard inquiries, resulting from a potential lender or service provider requesting a copy of the Equifax credit report, can remain for up to two years.
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Credit Report Monitoring:
- Regularly checking the Equifax credit report is crucial to ensure accuracy and completeness.
- Individuals are entitled to a free copy of their credit reports every 12 months from each of the three nationwide credit bureaus.
- Options for obtaining additional reports, such as creating a myEquifax account for six free Equifax credit reports each year.
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Credit Score Information:
- The article mentions the option to enroll in Equifax Core Credit™ for a free monthly Equifax credit report and a free monthly VantageScore® 3.0 credit score.
This comprehensive overview emphasizes the importance of understanding the duration of various types of information on credit reports and the significance of monitoring one's credit regularly for accuracy and completeness.
