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.
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