Many people are surprised to discover that the information on your credit reports
doesn't actually originate with the credit bureaus at all. In reality, the credit
bureaus function more like warehouses: they store data, which is reported to
them from a variety of sources including your mortgage and auto lenders, credit
card issuers, student loan companies, public record vendors, retail stores and
finance companies. Each of these “reporters” has either extended
credit to you or has been hired by the credit bureaus to collect and report
any derogatory public record information that is in your name. Consumers even
have the ability to update their own credit reports by furnishing change of
employment or address information.
It's important to realize that having negative information on your credit reports
doesn't mean you're doomed forever. Despite late payments — or even bankruptcy
— you can still make credit your friend.
In general, account information, including late payments and other adverse
information, is kept on your credit reports for no longer than seven years.
However, there are certain exceptions to this rule:
Chapter 7 bankruptcy information will remain on your credit reports for
10 years.
Unpaid tax liens might, depending on where you live, remain on your credit
reports indefinitely.
Certain states require that adverse credit information remain on your credit
reports no longer than 5 years.
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Many people are surprised to discover that the information on your credit reports doesn't actually originate with the credit bureaus at all. In reality, the credit bureaus function more like warehouses: they store data, which is reported to them from a variety of sources including your mortgage and auto lenders, credit card issuers, student loan companies, public record vendors, retail stores and finance companies. Each of these “reporters” has either extended credit to you or has been hired by the credit bureaus to collect and report any derogatory public record information that is in your name. Consumers even have the ability to update their own credit reports by furnishing change of employment or address information.
It's important to realize that having negative information on your credit reports doesn't mean you're doomed forever. Despite late payments — or even bankruptcy — you can still make credit your friend.
In general, account information, including late payments and other adverse information, is kept on your credit reports for no longer than seven years. However, there are certain exceptions to this rule:
By Credit.com