If you are considering a new home in Atlanta, you should start by analyzing your own finances from your savings to your credit score. If you have gone over your credit reports and scores and know that there are things in your past that could hurt your chances of getting the best home you can at the most favorable rate that you can, now is the time to strategize on how to build your score and remove negative information from your report. Thankfully, the Equifax experts are here to help with the new article, “How Long Does Information Stay on My Credit Report?”
The good news is that accounts paid as agreed upon, which are the positive influence on growing your score, stay for up to 10 years from the last activity. This positive boost is 10 years from the close of the account, so if you pay off your mortgage or close a credit card account in good standing, you can enjoy that benefit from the close date.
Negative information, including late paid accounts, judgments and tax liens stay on your account for seven years. Bankruptcies can stay even longer, up to 10 years, but many accounts associated with a bankruptcy will slide off of your credit report within seven years. Unpaid tax liens can stay for as many as 15 years.
Inquiries, which are when a company requests your credit report, can stay on your credit report for between 12 and 24 months, depending on the type of inquiry.
Finally, keep in mind that all of these are general rules but each state may have different financial rules on the books, so check with your local revenue service. For more helpful financial advice, from retirement to identity theft protection, check in with the Equifax Finance Blog!