If you are an adult in the United States, you probably have a credit report. In fact, you have three that are based on credit files at each of the major credit reporting agencies or bureaus: Equifax, Experian and TransUnion. And they are not going away; your credit history will likely stay with you for the rest of your life.

The past financial mistakes that get reported to the credit bureaus can haunt you for years. Knowing exactly how long negative items can stay in your credit file can help you to be sure your credit report is accurate.

Your credit file is created when companies that you do business with report their customers' account information to the credit bureaus. They are "subscribers" and pay the bureaus to report each month. Most major national corporations report to all three; however, smaller companies such as collection agencies may not want to pay all three credit bureaus so they only report to one or two. This is one reason why there are differences in your credit file between the three bureaus.

There is no federal law stating that companies must report to the credit bureaus. Because so many companies DO report, the Fair Credit Reporting Act (FCRA) spells out the length of time different types of information can stay on your report.

1) ACCOUNTS IN GOOD STANDING - 10 Years

Closed accounts that were never late or had any other derogatory information reported can stay on your credit report for up to ten years. They help your score.

2) LATE PAYMENTS 7 years

When a monthly payment is overdue by more than 30 days, it will probably show up on the credit report. These late payments of 30, 60, and 90+ days can stay on the credit file for seven years from the time they happened.

3) CHARGE OFFS 7.5 years

When a company lists an account as a "charge off" it can stay on your credit for seven years plus six months from the date of the first delinquency that led to the charge off.

4) COLLECTIONS 7 years

The seven year reporting period starts with the original delinquency with the original creditor, NOT the "date opened" which is listed by the collection agency on the credit report.

5) JUDGMENTS 7 years

The FCRA states that civil judgments can stay on for seven years from the filing date or until the governing statute of limitations has expired, whichever is longer. Check information for your state here.

6) TAX LIENS 7 or 15 years

Unpaid tax liens can stay on the credit reports up to fifteen years. Paid tax liens stay on for seven years from the date of payment.

7) BANKRUPTCY 10 years

Chapter 7 and 11 bankruptcies can stay on for ten years from the date filed.
NOTE: Accounts included in the bankruptcy can stay on for seven years from the filing date.

Chapter 12 and 13 bankruptcies that are completed and discharged can stay on for seven years from the date filed. Dismissed, or unfinished, Chapter 12 or 13 cases can stay on the credit report for ten years from the date filed.

WHAT TO DO

If your credit report contains information that is past the reporting period, contact all three of the credit bureaus to get it removed and corrected. You are well within your consumer rights to do so. Be sure to follow up, making certain that your report is accurate and that no expired items remain.

Your credit past doesn't have to haunt you forever. Learning about your credit and being proactive in building a positive credit rating is an important step to healthy Financial Fitness for your future.

Learn more about this author, Dana Coyle.
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