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How Long is Credit Information Retained on Your File

September 29, 2011

A Credit Reporting Agency may report negative information for seven years.

exceptions:

  • Crminal convictions may be reported without any time limitation.
  • Bankruptcy – up to 10 yrs.
  • Response to application for a job with a salary > $75,000 – no time limit.
  • Information reported re: an application for > $150,000 worth of credit or life insurance –  no time limit.
  • Lawsuit or an unpaid judgment – the longer of 7 yrs or until the statute of limitations expires.

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FICO score is as follows:

  • 35 percent payment histories
  • 30 percent amount of debt (e.g. don’t use over 50% of a credit line).
  • 15 percent length of time credit line has been open (a longer history is better if there have always been timely payments).
  • 10 percent very recent history including new applications for credit.
  • 10 percent type/mix of credit, includes installment loans (like car loans), leases, mortgages, credit cards, and so on.
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