# A question about credit, and credit reports **URL:** \ **Category:** Factual Questions\ **Created:** [June 3, 2003, 1:49am UTC](https://boards.straightdope.com/t/a-question-about-credit-and-credit-reports/179279 "2003-06-03T01:49:35Z")\ **Posts on this page:** 8\ **Page:** 1
**Author:** ![Deadly\_Nightlight](https://avatars.discourse-cdn.com/v4/letter/d/6a8cbe/32.png) [@Deadly\_Nightlight](https://boards.straightdope.com/u/Deadly_Nightlight)\ **Post date:** [June 3, 2003, 1:49am UTC](https://boards.straightdope.com/t/a-question-about-credit-and-credit-reports/179279/1 "2003-06-03T01:49:35Z")
My friends and I were talking today about credit reports. One of my friends says that if you wait out 7 years that anything that was on your credit report will be gone. I find that kind of hard to believe. I figured it had to be after you paid whatever it is on your credit report that it would disapear off your record that you were ever behind in 7 years, can someone shed some light on this? ---
**Author:** ![Severian](https://avatars.discourse-cdn.com/v4/letter/s/49beb7/32.png) [@Severian](https://boards.straightdope.com/u/Severian)\ **Post date:** [June 3, 2003, 2:17am UTC](https://boards.straightdope.com/t/a-question-about-credit-and-credit-reports/179279/2 "2003-06-03T02:17:59Z")
The [Fair Credit Reporting Act](http://www.ftc.gov/os/statutes/fcra.htm) dictates how long certain records can be maintained in your credit report. [This](http://www.debtsolver.org/credit_report.htm) page summarizes it for you. > [@](#): > > -Chapter 7 Bankruptcy: 10 years from date of filing. > -Chapter 13 Bankruptcy: 7 years from date paid in full and 10 years if not paid as agreed. > -Judgments: 7 years from date filed. > -Foreclosure: 7 years from date foreclosed. > -Collection accounts: 7 years from the date of delinquency with the original creditor. > -Paid Tax Liens: 7 years from date paid. > -Unpaid Tax Liens: Indefinitely from date reported. > -Trade lines (line of credit or loan): 10 years from the date paid in full or closed. > -Charge offs: 7 years from date of original delinquency. > -Closed accounts: 10 years from date closed if paid as agreed. > -Payment Patterns: Credit grantors typically do not consider payment history older than 2 years, but can remain on for as long as 7 years. > -Credit Inquiries: 2 years (placed by you or a creditor) > -Adverse information: may remain up to 7 years from date of delinquency. As you can see, quite a few things remain on your report for seven years. Some things longer, some not quite as long. ---
**Author:** ![Fisherking](https://avatars.discourse-cdn.com/v4/letter/f/919ad9/32.png) [@Fisherking](https://boards.straightdope.com/u/Fisherking)\ **Post date:** [June 3, 2003, 4:39am UTC](https://boards.straightdope.com/t/a-question-about-credit-and-credit-reports/179279/3 "2003-06-03T04:39:17Z")
It’s true - the only 30 day late payment I ever had was about 8 years ago. I saw a very recent copy of my credit report after refinancing my home - it was gone. It was there on the credit report used to get my original application…but it was no longer on the report…earlier this year. I guess they can’t hold it over your head forever. 🙂 ---
**Author:** ![NoGoodNamesLeft](https://avatars.discourse-cdn.com/v4/letter/n/8797f3/32.png) [@NoGoodNamesLeft](https://boards.straightdope.com/u/NoGoodNamesLeft)\ **Post date:** [June 3, 2003, 11:58am UTC](https://boards.straightdope.com/t/a-question-about-credit-and-credit-reports/179279/4 "2003-06-03T11:58:59Z")
> [@](#): > > you wait out 7 years that **anything** that was on your credit report will be gone (Bolding mine) Just to clarify here, since I didn’t see it in the OP. Debts PAID will be gone within 7 years from the last date of activity (payment). OUTSTANDING debts stay there until you pay them. ---
**Author:** ![\_baby\_cat](https://avatars.discourse-cdn.com/v4/letter/_/7feea3/32.png) [@\_baby\_cat](https://boards.straightdope.com/u/_baby_cat)\ **Post date:** [June 3, 2003, 12:04pm UTC](https://boards.straightdope.com/t/a-question-about-credit-and-credit-reports/179279/5 "2003-06-03T12:04:05Z")
my friend said in hong kong that same thing, after 5 years all your owing balances are erased…cos he didnt pay his bills for a long time…hehe ---
**Author:** ![Philster](https://avatars.discourse-cdn.com/v4/letter/p/13edae/32.png) [@Philster](https://boards.straightdope.com/u/Philster)\ **Post date:** [June 3, 2003, 12:25pm UTC](https://boards.straightdope.com/t/a-question-about-credit-and-credit-reports/179279/6 "2003-06-03T12:25:30Z")
Important: The limits refer to ‘derogatory’ information. An account with a late payment can stay forever, but the late payment can’t hang around for more than 7 years. I see accounts that date to the 60’s and 70’s everyday - like mortgages. If an account gets written off or goes to collection in 1998, and you make a payment today, the purge date is still set from the 1998 date, or from an earlier date the account went bad if the creditor reports that. ~~Resident Credit Industry Expert. ---
**Author:** ![madmonk28](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/madmonk28/32/20811_2.png) [@madmonk28](https://boards.straightdope.com/u/madmonk28)\ **Post date:** [June 3, 2003, 3:24pm UTC](https://boards.straightdope.com/t/a-question-about-credit-and-credit-reports/179279/7 "2003-06-03T15:24:21Z")
Is there anything a person can do to clean up a report earlier than 7 years? I’m, er, just asking for a friend. ---
**Author:** ![Philster](https://avatars.discourse-cdn.com/v4/letter/p/13edae/32.png) [@Philster](https://boards.straightdope.com/u/Philster)\ **Post date:** [June 3, 2003, 3:33pm UTC](https://boards.straightdope.com/t/a-question-about-credit-and-credit-reports/179279/8 "2003-06-03T15:33:36Z")
You always have the right to dispute information, even a balance. If the creditor doesn’t reply within 30 days, the disputed info comes off - sometimes the whole account drops off. Most accounts over 5 years are hard to verify. Actually, most late pays over 2-3 years are hard to verify, so it is wise to get a report and dispute info. Don’t cost nuthin’ to get a report in many states, and a denial of credit gets you a free one regardless.