How Long Do Negative Items Stay on Your Credit Report?

If you have negative items on your credit report, you may be wondering how long they will stay on your report and continue to affect your credit score. In this guide, we’ll walk you through how long different types of negative items typically stay on your credit report, and what you can do to improve your credit score over time.

How Negative Items Impact Your Credit Score

Before we dive into how long negative items stay on your credit report, it’s important to understand how they impact your credit score. Negative items can include things like late payments, collections, bankruptcies, and more. These items can stay on your credit report for years, and they can have a significant impact on your credit score. For example, a late payment on your credit report can cause your score to drop by up to 100 points, depending on the severity and recency of the late payment. Similarly, a bankruptcy on your credit report can cause your score to drop by up to 200 points or more. In some cases, a bankruptcy can cause your score to increase.

How Long Negative Items Stay on Your Credit Report

Now, let’s take a look at how long different types of negative items typically stay on your credit report:

• Late payments: Late payments can stay on your credit report for up to 7 years from the date of the first delinquency.
• Collections: Collections can also stay on your credit report for up to 7 years from the date of the first delinquency.
• Charge-offs: Charge-offs, which occur when a creditor writes off a debt as uncollectible, can stay on your credit report for up to 7 years from the date of the first delinquency.
• Bankruptcies: Bankruptcies can stay on the public records portion of your credit report for up to 10 years from the filing date.

It’s important to note that the impact of negative items on your credit score will lessen over time. For example, a late payment from five years ago will have less of an impact on your credit score than a late payment from one year ago. The same is true of hard inquiries, they stay on for two years, and their impact lessens with time.

Improving Your Credit Score Over Time

While negative items can stay on your credit report for years, there are steps you can take to improve your credit score over time. Here are a few tips:

• Pay your bills on time: One of the best things you can do to improve your credit score is to pay your bills on time. Late payments can have a significant impact on your score, so be sure to pay your bills on time every month.
• Pay down debt: High levels of debt can also have a negative impact on your credit score. Try to pay down your debt over time to improve your score.
• Monitor your credit report: Be sure to check your credit report regularly to ensure that it’s accurate and up-to-date. If you find any errors, be sure to dispute them with the credit reporting agency.

In conclusion, negative items can generally stay on your credit report for seven years, but they will have less of an impact on your credit score over time. By following the tips outlined in this guide, you can take action to improve your credit score over time and achieve your financial goals. For more information on credit scores, check out our next article, “What is a Credit Score and How is it Calculated?”