How Long Will This Stay On My Credit Report

People are always concerned with their credit report especially if they have made a mistake like a late payment or a bill that went to collections. The main aspects I will discuss is bankruptcy,  civil suits, civil judgments, records of arrest, paid tax liens and accounts placed for collection or charged to profit and loss.

Where Is All This Information Coming From

Well before I get into all of this it's worth wile to mention that this information is available to you. All the information I'm going over here is from THE FAIR CREDIT REPORTING ACT. Its defiantly something you should sit down and read if you have problems with your credit report.

Seven To Ten

All items are seven years with the exception of bankruptcy and tax liens. Well isn't that simple? Actually there's a bit more to it that just that.

·         Bankruptcy - 10 years from the date of entry of the order for relief or the date of adjudication

·         Civil suits - 7 years or until the governing statute of limitations has expired, whichever is the longer period.

·         Civil judgments - 7 years or until the governing statute of limitations has expired, whichever is the longer period.

·         Records of arrest - 7 years or until the governing statute of limitations has expired, whichever is the longer period.

·         Paid tax liens - 7 years for the date of payment.

·         Collection / Charged to profit and loss -  7 years but the clock starts 180 days after the delinquency.