Tag Archives: late payments

How long will negative information stay on our credit reports?

How long will negative information stay on our credit reports?

Did you miss a credit card payment, have a bill go to collections, or even had to file bankruptcy recently? If so, your credit score has probably taken a pretty big hit. You’re also probably wondering when it will stop showing up on your credit report so you can move on.

Luckily, negative information that’s reported on your credit doesn’t last forever. In fact, we know the timeline when they will “fall off” and not be reported anymore thanks to the Fair Credit Reporting Improvement Act of 2014, which defines the timelines for how long negative information can remain on your credit file.

Here’s a rundown of how long common items will remain on your credit report, where they very well could be hurting your score:

Credit accounts
Credit cards, store cards, retail accounts, auto loans, and other credit accounts that are paid on time can keep reporting on your credit for up to 10 years from the date of last activity.

Late payments for credit accounts
However, if you missed payments or failed to pay on time, that negative data will also be reported, but for a period of 7 years (starting from the exact date the account was first past due.)

Late payments for other debts
While late payments on common credit accounts will show up for 7 years, those same rules don’t apply for revolving or installment loans. In fact, if you have a revolving or installment debt that is now current but does have a late payment some time in the past, that negative item (late payment) will appear on your credit report for 10 years past the date of last activity.

While it may get a little confusing, the late payment history will be removed for these installment and revolving debts after 7 years, but the reporting for accounts that are current will show up for 10 years.

Collection accounts usually will show up on your credit report for a full 7 years after the date the account first became past due. Remember that the date it was past due will be earlier than the date it was sent to collections, which could be 90 days or more after that.

If you’ve been through a chapter 7 bankruptcy (most common for consumers), a chapter 11 bankruptcy, or a non-discharged or dismissed chapter 13 bankruptcy, that will typically keep reporting for 10 years from the date the bankruptcy was first filed (not the date they were discharged).

However, chapter 13 bankruptcies that have been discharged can only stay on your credit report for 7 years from the date they were first filed.

Public Records
Judgments usually stay on your credit report for 7 years after the date they were filed, whether you have satisfied (paid) them or not.

If you have a tax lien and then pay it off in full, the lien will still report on your credit for 7 years from the day it was satisfied.

However, tax liens that go unpaid (unsatisfied) will stay on your credit report indefinitely – which means that you’re stuck with them until they’re paid off.

When a third-party requests a copy of your credit report (usually a lender, retailer, or employer), that activity shows up on your credit report, and can possibly impact your score. But the good news is that there’s usually not a big hit, and the credit bureaus only keep this on your report for 1 or 2 years.

But there are different types of credit inquiries that might have different reporting timelines. For instance, promotional inquiries (when you received a pre-vetted offer for credit) don’t affect your score and generally remain on your credit for only 12 months. When one of your current creditors performs a review of your account, it also does not affect your score and remains for 12 months. Finally, when you request a copy of your own credit report, it does not affect your score and will remain on your credit file for up to 24 months.

However, there are some slight variations on these timelines depending on state law:

For instance, in California, paid or released tax liens will stay on your credit file for 7 years from the date released, or ten years from the date filed. And unpaid tax liens remain on your credit file for only ten years from the date they were filed – not indefinitely.

New York State residents see their satisfied (paid) judgments only remain on their credit file for 5 years and paid collections only reporting for five years from the date of last activity.


I know – that’s a lot to remember. So we’ve put together this easy list so you can quickly see how long a certain negative item will stay on your credit report:

The item remains two years (or less);
Credit Inquiries

The item remains no more than 7 years:
Late payments
Released tax liens
Charged off accounts.
Note: the timeline begins from the date of default OR 180 days after the date of the first delinquency that eventually went to collection.

The item remains no more than 10 years:
A Chapter 7 bankruptcy can remain on a credit report for up to 10 years from the date it was first filed.
A Chapter 13 bankruptcy can also remain on a credit report for up to 10 years.

The item will remain indefinitely (until paid):

Federally guaranteed student loans that are unpaid and in default can remain on a credit file indefinitely until such time as they are paid.

Unpaid tax liens may report on a credit file indefinitely.

Remember – there’s another way to get rid of negative items that are reporting on your credit BEFORE they naturally fall off after all of these years! Contact us for more information!

All about your Credit Score

Credit Score

Your Credit History plays a huge role in everything you do in life.  From getting a job to applying for loans, your credit score is factored in everywhere. A credit score is a screenshot taken by the 3 major credit bureaus, Experian, TransUnion, and Equifax.  This gives lenders the ability to determine whether or not you will be given credit, the total amount of credit you are granted as well as the terms on your loan, (loan amount, interest rate and repayment schedule).

Below you will find information about credit scores as well as some simple steps to keep them high, all which are crucial for you in determining your financial future. 

What is a credit score and how is it calculated?

Your credit score is usually a number that ranges between 300 & 850 and it’s used by creditors to determine if you are responsible and worthy of obtaining credit based on many factors. Many of the businesses that you have a credit line or a loan will send reports to these 3 bureaus of credit info such as whether or not you pay bills on time, your total credit amount, and even your credit history going back many years. A credit score is calculated simply from your individual credit history. Someone with a higher credit score, will have the ability to borrow more money. However, when your credit score is low, you may be able to obtain loans, but your interest rates will be much higher. Generally, a score of 700+ is considered GOOD while a score of 600 or below is considered very POOR.

Everyone has the ability and should take the opportunity to get a free credit report from each of the 3 bureaus once per year. All three bureaus offer this to us, but many of us don’t take advantage nor pay attention. It’s important to check your credit score to determine if it’s accurate because your score will be used to determine your financial future.

So How do I increase my credit score?

This is not a quick fix, when trying to increase your credit score, however, you can take steps to repair your score over time.

Here is our advice:

*Payment history is important so always pay your bills on time
*You never want to max out any of your credit cards. In fact, keeping your balance at 30% of your total limit is ideal.
*Don’t apply for new credit unless it’s absolutely necessary.
*Even when you pay off a card, keep it open to increase the length of your credit history
*Pay your high balance cards first, and never just transfer debts among a variety of lenders.
*If you have collections or past due accounts, settle them
*If you find inaccurate items in your credit report, make sure to dispute them.
*Usually, The last 2 years of your credit history are the most valuable

Your Credit Score will affect your life in many ways.. good or bad!

Credit scores are often used in determining prices for home or car loans as well as homeowners insurance. Employers will also check your credit score as part of background checks when making the final decision as to whether to hire you or not. Although it may not seem fair, credit scores have become more prevalent and are now used in nontraditional ways to judge you as a person.
Nevertheless, It’s more important than ever to become educated about Credit Scores.

This leads us to the final question.. When was the last time you checked your credit score?

If it’s been a while, Nationwide credit Clearing can help.  We are the leaders in Credit Repair and are here to help you in making your future financial decisions or correcting mistakes you have made in the past.

So what are you waiting for?  Call Nationwide credit Clearing today and get started with your free credit report and consultation.  

Free Consultation

Nationwide Credit Clearing

2336 N Damen
First Floor
Chicago, IL 60647

FAX: 773-862-7703


Credit Q & A from Nationwide Credit Clearing


At one time in our lives, we have all made financial decisions, good or bad, that have come to affect our overall credit score.  Our Credit Score ends up determining the path of our financial future.  

Whether you have bad credit, bankruptcy, delinquencies, derogatory remarks or even wrong information on your credit report, watch some of these videos for your own personal knowledge or to see how Nationwide Credit Clearing can help you.






Nationwide Credit Clearing is the leader in Credit Repair in the United States.

We always have to ask, When was the last time you checked your credit report?  If it’s been over a year,  this is where Nationwide Credit Clearing can help.  Nationwide Credit Clearing has over 20 years of experience repairing credit for thousands of individuals. We have helped so many people improve their credit score by removing inaccurate, misleading or unverifiable information, ultimately changing their lives forever.  We deleted over 25,000 items from credit reports in the past year.

There’s no reason to put this off and there certainly is no time like the present.  Give us a shout here at Nationwide Credit.  After all, We are the home of the free credit report and consultation!!

Nationwide Credit Clearing
2336 N. Damen
First Floor
Chicago, IL 60647

Phone: 773-862-7700
Toll Free: 877-334-3296
Fax: 773-862-7703
E-Mail: support@mynationwidecredit.com



Set yourself on the path to Financial Freedom: Mistakes can be corrected

Credit & Money Management

We all make mistakes, especially regarding our credit and money management. Below you will find some ideas on how to rectify past financial sins you may or may not have made.  It’s never too late.

Nobody’s flawless – especially when it comes to money management. There’s a pretty good chance that by now, you have control of your current finances, however, most of us have made some serious mistakes when we were younger. We have never had an owners manual on how to manage money, so chances are you have made some serious mistakes while you were younger or perhaps in college. Those previous mistakes can and will come back to haunt you today in many ways. Nationwide Credit Clearing recommends that you face your money issues head-on as well as make up for those wrong doings before being able to move on in the future..


When confronted with past financial faults, it’s easy to turn your head and hope that they disappear. But when you must pay back your money or fall behind on loans, creditors are still looking to get a way to get paid. This will definitely affect your ability, long term, to gain new credit and have financial freedom moving forward. Nationwide Credit Clearing recommends that you collect all of your records & go through them thoroughly, to allow yourself to see the bigger picture of which mistakes you have made and which ones can actually be corrected..


As soon as you know where your situation stands as of now, it’s a great time to also  create a plan to remove incorrect information from your credit report, as well as pay back past creditors. This is not going to be easy, but if it is important to you, we recommend that you make the time.   Consider your plan as you would a project given to you at work.  Focus on the plan, then look forward to the outcome.


We don’t recommend that you use your savings to pay off old debt.   Actually, starting with small debts – old credit cards for example – will allow  you get rid of some of your smaller mistakes as well as help give you a sense of achievement. Start with the ones you can manage and control. This way, you’ll have leg room and information when it comes to time to repair your credit.


Once you make progress on some of your little money issues, it will then be important to take the correct measures.   The first thing you can and should do is get an accurate and up to date credit report.  Nationwide Credit Clearing offers a service that provides anyone with an absolutely free, no credit card required credit report and consultation.  Once we evaluate your current financial situation, we can then move forward and help you with a plan.  

In conclusion, Now that you know more about how to rectify past financial sins, there’s no time like the present to get your free credit report and score.

Improve Your Credit

Nationwide Credit Clearing
2336 N. Damen
First Floor
Chicago, IL 60647

Phone: 773-862-7700
Toll Free: 877-334-3296
Fax: 773-862-7703
E-Mail: support@mynationwidecredit.com 

Department Stores Credit Cards. Good or Bad Idea?


This video explains why it’s important not to be fooled by department store discounts given to people just for opening up a new card. Todd Stern, founder of Nationwide Credit Clearing, explains “I do not advise people opening several credit cards just to get discounts” 

Tips: if you do ask them if you can charge it on your main credit card which they WILL SAY YES.
Then wait a few days and call to cancel.
How to Score:
Get your 10% and be done. You don’t want to have several open credit cards it leads to nothing but confusion and possible late payments.
The Bottom Line:
Too many open cards will decrease your credit score and increase your debt.

Already have too many?
Contact Nationwide Credit Clearing for your free credit report and consultation today.
Nationwide Credit Clearing
2336 N. Damen
First Floor
Chicago, IL 60647
Phone: 773-862-7700
Toll Free: 877-334-3296
Fax: 773-862-7703
E-Mail: support@mynationwidecredit.com

Own up to your Credit : Good or Bad

We all have made major mistakes either currently or in the past, especially when it’s regarding Money, Credit and Financial well being. Understand how you can set your self on a more effective financial route by owning up to most of your undesirable $$$ mistakes.

No one’s perfect – particularly when you are looking at managing your hard earned dollars. As you may always keep track of your funds, budget intelligently & spend well now, you may have made some significant money errors while you were young. Since having money does not  come with an owner’s manual, you may have had lackadaisical spending ways or went wild with credit before you smartened up & began taking money as serious as you need to. Still, those past sins may come directly back to haunt you .. by way of creditors or really low credit scores. Your best bet would be to face money concerns head-on & compensate for those missteps before you can move on to more positive spending patterns in the future.

While confronting financial mistakes from your past, it is easy to turn a blind eye and hope they simply go away. However when you must pay back money or go into default on loans, not just are those creditors still looking to get paid, it will probably affect your long-term ability to secure funding & have what we like to call, Financial Freedom, in the near future. Rather, gather up all of your statements and read through them with a microscope to give you a general picture of which mistakes you’ve created & which can be easily rectified with a little bit of knowledge as well as hard work.

Understanding your credit is crucial.

So is a great score.

Get your credit report & Consultation NOW.  Why wait?  Call Today!

Nationwide Credit Clearing
2336 N. Damen
First Floor
Chicago, IL 60647

Phone: 773-862-7700
Toll Free: 877-334-3296
Fax: 773-862-7703