If you have negative information hanging on your credit report, it can directly affect your purchasing power and the opportunities available to you. It’s not, however, all bad news. There is a limit to the amount of time this damaging information can remain on your report, and it’s generally capped at seven years. Knowing your rights as they relate to your credit report can help you improve your financial standing. If you have related concerns, turn to our experienced fair credit reporting attorneys at The Law Offices of Jibrael S. Hindi for the help you’re looking for.
Credit reporting agencies are generally allowed to report negative information regarding your payment history for issues like the following for up to seven years:
This time limit begins tolling on the date you missed the first payment that ultimately led to the negative information.
Bankruptcies are generally allowed to linger on credit reports for up to 10 years, but some credit reporting agencies voluntarily delete them at the seven-year mark. If you have a judgment or lawsuit against you, it can remain on your record for seven years or until the relevant statute of limitations runs out, whichever date is later will prevail. While credit reporting agencies should not share negative information beyond these deadlines, some hold on to the information in their files.
There are also circumstances when credit reporting agencies are not restricted by these time limits, including when either of the following applies:
Positive information that bolsters your credit score is not restricted by timelines. This means that successfully resolving your mortgage can remain on your record long after the debt has been paid.
When negative items that should have dropped off your credit report remain, the information is considered obsolete, and there are laws that apply. The idea behind this is that, while you may have had problems with debt in the past, the older the debt gets, the less well it indicates how creditworthy you are.
The law is invested in affording consumers a fresh start with the passage of time. As a result, black marks on your credit report are not allowed to follow you around endlessly. If outdated information hasn’t been scrubbed from your credit report, a knowledgeable fair credit reporting lawyer is standing by to help.
Our seasoned fair credit reporting attorneys at The Law Offices of Jibrael S. Hindi dedicate our impressive practice to helping clients resolve their credit concerns in support of improved circumstances, and we’re here for you, too. Learn more by contacting us online or giving our firm a call at 844-542-7235 today.