Under the Federal Fair Credit Reporting Act, the credit rating agency must remove accurate, negative information from your report only if it is over seven years old.
Bankruptcy information can be reported for ten years, so this is one topic that actually states just how long negative information really stays on credit report.
The federal act specifically provides that any person who willfully or negligently fails to comply with any requirement imposed under act with respect to any consumer is liable to that consumer for, among other things, "the costs of the action together with reasonable attorney's fees as determined by the court.
" (15 U.
S.
C.
) As used in this section, "consumer report" shall have the same meaning as that term is defined in the federal Fair Credit Reporting Act, 15 U.
S.
C.
, Sections 1681 et seq .
The Federal Fair Credit Reporting Act (FCRA) is a law that enforces accuracy, fairness and privacy of information in the files of every consumer credit reporting agency (CRA).
These CRAs are agencies that collect and sell information about you -- whether you pay your bills on time or have ever filed for bankruptcy -- to other creditors, employers, landlords and businesses.
This is the best place to find out how long negative information really stays on credit report.
Generally, the Federal Act does not preempt state consumer credit reporting laws, except to the extent that the state law is inconsistent with the federal Act, and then, only to the extent of the inconsistency.
However, the Act does specifically preempt some state enactments.
Generally, an action under New Hampshire's Fair Credit Reporting Act must be brought within two years from the day on which the statute was violated.
Getting a loan is difficult enough without a negative credit history causing problems.
It's a good idea to look into your credit history several months before you want to get a loan.
Applications are often denied based entirely on negative credit history information, such as excessive delinquencies, bankruptcies, or foreclosures, disclosed in consumer credit reports.
FCS institutions also use consumer credit reports to verify the obligations and monthly payments reported by applicants.
Once your loan goes into repayment you will be building either a positive or negative credit history.
Federal law specifies how long negative information remains on your credit report.
The Feds have the definitive word on just how long negative information really stays on credit report.
Credit inquiries remain on your report for two years.
Although inquiries stay on your credit report for up to two years, they are not necessarily negative information.
However, too many inquiries may indicate to lenders that you are trying to take on more new debt.