How Long Does Information take to Clear Your Credit Report
When you have negative information in your credit report that is accurate, there is only one way to get rid of it. Only the passage of time can lead to its eventual removal. The good news is that it will eventually be removed.
Any accurate negative information that has been filed in your credit report can generally stay on your report for seven years. As always, there are certain exceptions. Any information about a bankruptcy you have filed may be included in your credit report for up to ten years. Information about a lawsuit or an unpaid judgment against you can be reported for seven years or until the statute of limitations runs out, whichever is longer. There are even a few pieces of information with no time limit. Information that is included about any criminal convictions you have had may be reported without any time limitation. That means that that information may remain on your report indefinitely.
Credit information reported in response to any application for a job with a salary of more than $75,000 also has no time limit, as does any credit information reported because of an application for more than $150,000 worth of credit or life insurance.
Your credit report is a critical document that can obviously affect many aspects of your life. It is absolutely essential that this document be correct because of the information it contains about where you work and live, how you pay your bills including credit cards, and your personal and legal history. You should always get a free copy of your credit report each year and check it for any errors. If you do find any information that is inaccurate, you want to notify the credit reporting agency immediately.
That agency is then required by law to investigate the item(s) in question. This should always occur within 30 days. They must forward all related information that you provide about the dispute to the information provider. After the information provider receives notice of the dispute from the CRA, it must review the information provided and then report back to the CRA. If the information provider finds the disputed information is inaccurate, it is required to inform all nationwide CRAs and they must correct this information as well.
Any disputed information that cannot be verified must be deleted from your credit report.
If your credit report shows an account that belongs only to another person, the CRA must delete it. When the investigation is complete, the CRA must give you written results and a new free copy of your report showing any corrections. If an item is changed or removed, the CRA can’t put the information back in your file unless the information provider verifies its accuracy and completeness, and the CRA gives you a written notice that includes the name, address, and phone number of the provider.
After correcting any inaccurate information, the CRA must send notices of corrections to anyone who received your report in the last six months. Job applicants can have the corrected copy of their report sent to anyone who received a copy during the past two years.
Because your credit report is so important to your life, you need to make sure that it is always accurate and as up to date as possible. Be aware of what information it contains and how long it will remain.