CREDIT BLOG

Collections are a continuation of debt owed and can stay on your credit report for up to 7 years from the date the debt first became delinquent and was not brought current. 

A late payment record can pop up on your credit report when you forget or are unable to pay a bill by the due date. The creditor can report your late payment to the credit bureaus (Experian, Equifax and TransUnion) once you're 30 days behind, and the late payment can remain on your credit reports for up to seven years. 

Charge off" means that the credit grantor wrote your account off of their receivables as a loss, and it is closed to future charges. When an account displays a status of "charge off," it means the account is closed to future use, although the debt is still owed. 

A tax lien is a legal claim made by the government against your property upon the failure of tax payments to the county, state or federal government. 

Tax liens, or outstanding debt you owe to the IRS, no longer appear on your credit reports—and that means they can't impact your credit scores. 

According to the Fair Credit Reporting Act (FCRA), a Chapter 7 bankruptcy can remain on your credit history for up to 10 years from the filing date and a Chapter 13 bankruptcy can remain for a maximum of seven years.

The FCRA states only the legal maximum amount of time bankruptcies can appear on your report and not the minimum. This means a bankruptcy can be removed earlier than the legal maximum, but it must be proven that it is misreported, unsubstantiated or otherwise found inaccurate.

Repossessions are a negative item listed on your credit report that can hurt your credit score. Repossessions note the seizure of any assets due to late or delinquent payments. If a repossession is listed on your credit report, there is still a way to rebuild your credit and potentially remove the listing from your credit report. 

Removing a foreclosure from your credit report requires time and patience. You can dispute it, but you’ll need the right documentation to demonstrate that it doesn’t belong on your credit report.

You may be able to remove a foreclosure from your credit report if:

• The foreclosure is more than seven years old
• The lender is no longer in business
• You have a voluntary dismissal
• There is a lack of available records

A judgment is a court order that results from a lawsuit. Only civil judgments are reported to the credit bureaus. These types of judgments are court rulings that pertain to the repayment of a debt. When you owe a creditor money and don't pay it, the creditor can try to recover it by going to court and suing you for it.