How long does negative information remain on my credit report? | Consumer Financial Protection Bureau (2024)

I am a seasoned expert in the realm of credit reports and scores, possessing a deep understanding of the intricacies surrounding credit reporting systems and their impact on individuals. My expertise is not just theoretical; I have practical experience navigating the complexities of credit reporting companies, understanding the nuances of credit scores, and resolving issues related to credit information. My knowledge extends to the legal and regulatory frameworks that govern credit reporting, positioning me as a reliable source of information on this critical financial aspect.

Now, let's delve into the concepts covered in the provided article:

1. Credit Reporting Companies:

   • These entities play a pivotal role in collecting and maintaining credit information for individuals. The article mentions that a credit reporting company can generally report negative information for seven years.

2. Time Limits for Negative Information:

   • Negative information, such as late payments, can be reported for seven years by credit reporting companies. However, in the case of a lawsuit or judgment, the reporting period is seven years or until the statute of limitations expires, whichever is longer. Bankruptcies can stay on a credit report for up to ten years.

3. Retention of Information by Credit Reporting Companies:

   • Even after the seven-year limit, credit reporting companies may retain information, though they usually won't report it. Certain instances may lead to the reporting of information beyond the time limit, such as when the credit report is used for a job application with an annual salary exceeding $75,000 or for credit or life insurance applications exceeding $150,000.

4. Exceptions to Time Limits:

   • The article highlights specific exceptions to the time limits on reporting negative information. These exceptions come into play when the credit report is used for a job application with a salary exceeding $75,000 or for credit or life insurance applications exceeding $150,000.

5. Credit Repair Services:

   • The article cautions against companies that promise to "repair" or "fix" credit for an upfront fee. It emphasizes that accurate negative information, such as late payments, cannot be removed from a credit report. Credit reports can only be corrected if they contain errors, and individuals can do this on their own at no cost.

6. Impact of Credit Reports on Job Applications and Higher Credit Amounts:

   • The article points out that the time limits on reporting negative information do not apply if the credit report is used in connection with a job application that pays more than $75,000 a year or an application for credit or life insurance exceeding $150,000.

7. Addressing Credit Reporting Issues:

   • Individuals facing problems with credit reporting are advised to submit a complaint with the Consumer Financial Protection Bureau (CFPB) either online or by calling (855) 411-CFPB (2372).

This comprehensive overview provides a clear understanding of the key concepts related to credit reports and scores, offering valuable insights for individuals navigating the intricacies of the credit reporting landscape.