A credit report contains all the information related to your financial dealings, including information regarding employment and housing history, to credit card and mortgage account activity. Unluckily, it also contains negative information such as collection accounts, charge-offs, bankruptcies, judgments, and tax liens.

Many people who have negative information on their credit report often wonder that when will the red marks be removed, or on what date will the negative items be removed from their credit score.

When will the negative items be removed?

Depending on the type of account, and the associated activity, the answer can vary. Generally, a typical paid revolving and installment accounts stay on your credit report for 10 years from the date of last activity.

It is common for bankruptcies to remain on your credit report for 10 years. Tax liens remain on your credit report for 7 years, from the date they were paid. Lawsuit or judgment information is typically reported for 7 years, whereas credit inquiries mostly stay on your credit report for about 2 years.

The Time period for which the negative items remain on your credit report

Here’s a list of how long negative items stay on your credit report:

1. Bankruptcy Chapter 13: 7 years from the filing date
2. Bankruptcy Chapter 7, 11, or 12: 10 years from the filing date
3. Charge off: 7 years from the date of original delinquency
4. Collection: 7 years from date of original delinquency
5. Credit Inquiries: 2 years
6. Foreclosure: 7 years from filing date
7. Judgment: 7 years from date it was reported
8. Paid Tax Lien: 7 years from date paid
9. Paid and Closed Revolving/Installment Accounts: 10 years
10. Unpaid Tax Lien: 15 years

The good thing is that positive information can remain on your credit report indefinitely, unless the account is closed or inactive.

Some important things to consider

In case a collection or charge-off is paid, the maximum period of reporting will not be extended beyond 7 years. Collection agencies may try to extend the date by keeping the account active if you make a recent payment, and essentially reset the 7 year period of reporting.

If this happens to you, simply report it to the credit bureaus, by writing a letter to them. They should respond by removing the collection or charge-off by the original 7 year mark. It is against the law for collection agencies to extend this time period, so make sure you know your rights.

Paid or not ,collection accounts and charge-offs will remain on your credit report for 7 years

Once reported, the collection accounts and charge-offs will remain on your credit report for 7 years, whether they are paid or not. If you pay the charges, the status will simply be changed to paid, but the account will still remain on your credit report.

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