Page 30 - Book7E

22
Sample Credit Report
• Delinquency information like late payments and collections remain on your report for seven years
• Charge-offs, seven years + 180 days from the date reported to the credit bureau
• Student loan defaults, seven years
• Foreclosures, seven years
• Lawsuits or judgments, seven years from the date of filing
• Bankruptcy, 10 years from the date you file
• Paid tax liens, seven years from the date paid
• Unpaid tax liens, 15 years
For the most current information about credit reporting, check the Federal Trade Commission website at www.ftc.gov.
Public Record Information
Following the Account History section, you’ll typically find Public Record Information, Inquiry Information, and Credit Information.
The Public Record Information section, sometimes entitled Public Records or Courthouse Records, lists publicly available information (obtained from local, state, and federal courts) about legal matters affecting your credit. These public records may include informa- tion like bankruptcies, judgments, tax liens, state and county court records, and, in some states, overdue child support.
Depending on the type of account, a public record can remain on your credit report between 7 and 10 years. Only serious financial mistakes show up in this section, not criminal arrests or convictions. Because public records can severely damage your credit, it’s very important to ensure the information in this section is accurate. If it isn’t, contact the credit reporting bureau and submit a dispute letter.