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In addition to keeping in the financial know, you may be interested in checking your credit score and report.
¹The credit scores provided under the offers described here use the Equifax Credit Score, which is a proprietary credit model developed by Equifax. The Equifax Credit Score and 3-Bureau scores are each based on the Equifax Credit Score model, but calculated using the information in your Equifax, Experian and TransUnion credit files. The Equifax Credit Score is intended for your own educational use. It is also commercially available to third parties along with numerous other credit scores and models in the marketplace. Please keep in mind third parties are likely to use a different score when evaluating your creditworthiness. Also, third parties will take into consideration items other than your credit score or information found in your credit file, such as your income.
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We receive a lot of great comments and insightful questions here at the Equifax Finance Blog. Sometimes we can answer them individually, but a lot of consumers have the same questions and concerns about their credit.
Over the next few weeks, we’ll be answering some of your most frequently asked credit questions. We hope that this discussion will increase your understanding of how the credit reporting process works.
A: Consumers are often concerned about how late payments and other negative information, like bankruptcies and judgments, will impact their credit history and score.
In general, negative information that is more than seven years old from the date of last activity will be removed from your credit report. For bankruptcies, though, the time frame is normally 10 years from the date of last activity.
The on-time payment of your credit card bills or your mortgage, known as positive information, can remain on your credit history forever.
Remember that the information in your credit report does not come from the credit reporting agencies. Instead, credit reporting agencies compile the information that lenders, collection agencies, and public records report to them, and then they record it in your credit report.
If you’re concerned about how long information will remain on your credit history, it might be a good time to review your credit report. When you review your report, confirm that all of your information is correct and accurately reflects your financial history.
Check out a complete breakdown of how long credit accounts, collection accounts, public records, inquiries, and bankruptcy remain in your credit history.
Q: How are early payments factored into my credit score?
A: Early payments are factored into your score just like on-time payments. They are considered positive information on your credit report.
Learn more about how your credit score is calculated.
The information contained in this blog post is designed to generally educate and inform visitors to the Equifax Finance Blog. The blog posts do not give, and should not be assumed to provide, personalized tax, investment, real estate, legal, retirement, credit, personal financial, or other professional advice. Before making any financial decision, you should always consult with the appropriate professionals who can explain your options, rights, and legal responsibilities, and advise you on any tax, legal, credit, or business implications that may result from those decisions. The views and opinions expressed by the authors of blog posts are their own views and may not be the views or opinions of Equifax, Inc. and/or its affiliates.
Equifax maintains this interactive forum for education and information purposes in order to allow individuals to share their relevant knowledge and opinions with other members and visitors. We encourage you to participate in discussions about personal finance issues and other topics of interest to this community, but please read our commenting guidelines first. Equifax reserves the right to monitor postings to the forum and comments will be published at our discretion. Do you have questions or comments about your Equifax credit report or customer-service issues regarding an Equifax product? If so, please contact Equifax directly. All opinions and information expressed or shared in blog comments are solely those of the person submitting the comments, and don't necessarily represent the views of Equifax or its management.