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Tuesday, November 28, 2017

Greetings Thrifty Friends,

So you are trying to improve your credit score, perhaps to qualify for a nice, low interest rate, but you have had some financial setbacks in the past. Just how long does negative activity stay on your credit report.

Longer than you probably think.

Keep pinchin' those pennies,

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Negative account information like late or delinquent payments remains on a credit report for 7 years from the date it was first reported as late.

A debt collection account remains for 7 years plus 180 days from the date the account was delinquent.

Chapter 7, 11, and 12 bankruptcies remain for 10 years from the date filed.

While completed Chapter 13 bankruptcies may be reported up to 10 years after the filing date, credit reporting agencies typically remove them 7 years after the date filed.

Tax liens remain for 7 years from the date filed if paid AND REMAIN INDEFINITELY if not paid.