How Long Should Negative Information Stay on Your Credit Report?
Under the federal rules that apply in South Carolina, most negative information should remain on your credit report for no longer than seven years. Because the Fair Credit Reporting Act (FCRA) is federal, the same rules apply across the nation. While South Carolina laws expand on FCRA in terms of identity theft and other consumer protections, the state relies on FCRA when it comes to governing credit reporting accuracy, disputes, and access.
If you have related questions or concerns, our experienced South Carolina fair credit reporting attorney at Hays Cauley, P.C., is here to help.
The Timelines That Affect Negative Information on Your Credit Report
The credit reporting agencies that report both positive and negative information are allowed to do so for up to seven years for matters like the following:
- Making late credit card payments
- Defaulting on a loan
- Being delinquent with other kinds of payments
The seven-year time limit is triggered by the date of your first missed payment, which triggered the negative information in the first place.
Bankruptcies
If you’ve been through a bankruptcy, it can remain on your credit report for up to 10 years. It’s important to note, however, that not all credit reporting agencies follow this timeline. Some choose to delete bankruptcies after seven years have elapsed.
Positive Information
As noted, credit reporting agencies report on both positive and negative information, and there are no time requirements that apply to the positive information. This means that successfully paying off significant debts can ultimately bolster your credit score for a significant amount of time.
Exceptions to the Rule
There are also exceptions to the rule, and this means that there are instances when credit reporting agencies can share negative information beyond the applicable time constraint. Two prime examples include the following:
- In response to an application for a job that pays more than $75,000 a year
- In response to an application for credit or life insurance that is worth more than $150,000
When Negative Information That Should Drop Off Doesn’t
The legal timelines that apply to negative information on credit reports are designed to protect consumers by ensuring that obsolete information doesn’t continue to plague them. Your current creditworthiness is not defined by financial concerns you may have experienced in the past, and the law recognizes this fact.
If you have negative information on your credit report that shouldn’t be there, it can seriously affect your finances. A skilled fair credit reporting lawyer can help you resolve the matter in support of a brighter financial future.
Turn to Our Experienced South Carolina Fair Credit Reporting Lawyer for the Help You Need
Penny Hays Cauley is our well-respected South Carolina fair credit reporting attorney at Hays Cauley, P.C., and she has not only earned an impressive reputation for success but is also committed to fierce advocacy on your behalf. To learn more about what we can do to help, please don’t hesitate to reach out by contacting us online or giving our firm a call at 843-665-1717 today.