Your credit history and the score that is derived from it by the big three reporting agencies, is serious business: it has a standing in big finance and purchases, especially in how much interest you will have to pay on loans. Since this is such a big deal, it’s important to know how long it takes for things to move along if you make a financial misstep, since that will affect how long you have to wait for the best loan rates. Thankfully, the Equifax Finance Blog has a great article that can help you plan: “
FAQ: How Long Does Information Stay on My Credit Report?”
It’s important to know that all of the information on your report is sent by lenders who have granted you credit, and the credit agencies simply compile it. Of that information, your good activities stay in your record forever but build up slowly. Your bad actions, like late payments and judgments only stay for a limited period of time: usually seven years, but bankruptcies stay on your report for 10 years. At the end of that period, the items are scrubbed, and sometimes they are even removed earlier.
To learn the specifics of the penalties and
what is a credit score, check out the wealth of articles on the Equifax Finance Blog.