Understanding Tradelines
Tradelines are entries on your credit report. They can either help or hurt your credit score. Positive tradelines boost your score. Negative ones bring it down. Most negative items stay on your credit report for seven years from the date you first missed a payment. However, some exceptions exist.
How Long Do Negative Items Stay on Your Credit Report?
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Delinquencies (30–180 days late): These stay for seven years from the first missed payment.
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Collection Accounts: These appear for seven years from the original missed payment that caused the collection. Paid accounts show as “paid collection.”
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Charged-Off Accounts: These remain for seven years from the first missed payment, even if you later make payments.
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Closed Accounts with Delinquencies: These stay for seven years. In contrast, positive closed accounts remain for at least ten years.
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Lost Credit Card Records: If the card has no late payments, it stays on the report for two years. Any late payments from before the loss stay for seven years.
Impact of Different Types of Accounts
Bankruptcy
- Chapters 7, 11, and 12 stay on your report for ten years from the filing date.
- Chapter 13 remains for seven years.
- Accounts involved in bankruptcy stay for seven years.
Judgments
- These include child support, civil cases, and small claims.
- They stay for seven years from the filing date.
Tax Liens
- Unpaid tax liens remain for 15 years from the filing date.
- Paid liens stay on your report for seven years after you pay them.
Inquiries
- These stay for two years.
- Inquiries from the last six months matter the most.
Positive Accounts
- These can remain on your report indefinitely.
- Paid positive accounts usually stay for ten years.
How Credit1Solutions.com Helps You
The credit experts at Credit1Solutions.com know credit laws inside and out. They work with you to challenge negative items on your credit report. During the process, they focus on removing anything inaccurate, misleading, or unverifiable.
Here’s the good news: 96.7% of negative items contain errors. That gives you a strong chance to fix them and improve your score.