How Long Do Derogatory and Negative Accounts Stay on My Credit Report?

If you’ve had difficulty paying your bills for one reason or another, you may end up with derogatory or negative marks on your credit report. Negative items can drag down your credit score and affect your ability to be approved for credit and affect what interest rates you may be offered. If you’re in this position, your next question is probably, “How long do derogatory and negative accounts stay on my credit report?”

Types of Negative Marks

You’re in danger of having a negative mark on your credit report as soon as a payment is 30 days or more past due. If there hasn’t been a payment for 180 days, your creditor may send your account to a collection agency, or they may charge it off. If you haven’t paid taxes, you might have a tax lien show up on your credit report. If you’ve been taken to court for not paying money you owe to a creditor or landlord, a civil judgment is a public record that appears on your credit report.

If you’re unable to pay what you owe, you may settle a debt with a creditor by agreeing to pay a smaller amount than you actually owe. Debt settlement, repossession, bankruptcy, and foreclosure are other negative marks that may show up on your credit report.

Length of Time Derogatory Marks Remain on Your Credit Report

Once you’ve had a negative item show up on your credit report, it won’t go away right away. Most types of derogatory marks remain on your credit report for seven years. This includes late payments, repossession, a charged-off loan, student loan default, or foreclosure.

If you’ve gotten over your head in debt from medical bills or other types of debt and filed bankruptcy, this will damage your credit for several years. Chapter 13 bankruptcy stays on your credit report for seven years. If you file Chapter 7 bankruptcy, that stays on your credit report for 10 years.

What Can You Do About Negative Marks?

If you’ve had one late payment, pay as soon as possible and work at paying on time going forward. The negative impact of the late payment will fade with time. If you have an account in collections, try to work out a payment plan. After repossession, foreclosure, or bankruptcy, work on rebuilding your credit. Start with a secured credit card and begin to establish a pattern of paying bills on time. As time passes, you’ll be able to bounce back and restore your credit.

Errors on Your Credit Report

There are times when derogatory marks on your credit report are inaccurate. If that happens to you, dispute them with the credit bureau immediately. Dovly can help make this process as easy as possible. Let us know what items need to be disputed, and we’ll get to work for you while you relax. We are an AI credit engine that can help you track, manage and fix your credit. Try it risk-free with our free membership tier and find out how we can help you fix and rebuild your credit today.

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