![]() ![]() But they are only allowed to remain on credit reports if they are accurate and can be verified. ![]() Late payments, collections, settlements, discharged debts, repossessions, foreclosures, charge-offs/defaults, and similar negative entries are all legally allowed to remain on credit reports for up to seven years. All other negative information can remain on your credit reports for no longer than seven years. Bankruptcies will remain for between seven and 10 years, depending on the type of bankruptcy. ![]() Generally speaking, negative information can remain on your credit reports for between seven and 10 years, depending on the type of negative information. The Fair Credit Reporting Act, a consumer protection statute, gives the credit reporting agencies wide latitude for how long they can legally maintain negative information on your credit reports. In fact, it may take you several years to fully rehabilitate your credit reports. The credit repair process is not something you can knock out over a weekend. ![]()
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