Statute of Limitations

Statute of Limitations
Fair Credit Reporting Act

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Consumers are protected by laws that govern credit bureau reporting (FCRA) and debt collection practices (FDCPA)

The Maximum Time Period
That Negative Items Can Remain On Your Credit Report

The Fair Credit Reporting Act (FCRA) specifies the maximum number of years that negative information can be included on a credit report
The Statute of Limitations starts as soon as a consumer fails to make an agreed upon payment

The Fair Debt Collection Practices Act prohibits abusive debt collection practices and state laws determine the maximum number of years that a debt collector can sue for nonpayment (they may still try to collect after the time period to sue has expired)

Inquiries: A minimum of 1-2 years from the date the inquiry was made. HARD inquiries occur when you apply for new credit and may lower your score for 1 year, however they'll usually remain on your credit report for 2 years. SOFT inquiries occur when someone is requesting information about your credit profile without extending credit, such as employment background checks or pre-approved credit offers, and do not affect your score.
Delinquencies (30-180 days): 7 years from the date of the initial missed payment (the original delinquency date).
Medical Collections with an original balance less than $500: These accounts are no longer reported to the credit bureaus.
Medical Collections with an original balance of $500 or more: These accounts are removed when paid. If the original amount was less than $500 (not reportable), review to determine whether any fees were added to make it $500 or more (reportable). Consumers are given1 year to work with insurance companies and/or healthcare providers before an unpaid medical debt is included on their credit report.
Other Collection Accounts: 7 years from the date of the initial missed payment that led to the collection (the original delinquency date). When it is paid in full, it will be marked as a "paid collection" on the credit report.
Charge-offs: 7 years from the date of the initial missed payment that led to the charge-off (the original delinquency date), even if subsequent payments are made for the charge-off account.
Closed Accounts with Delinquencies and Late Payments: 7 years from the date they are reported closed, whether closed by the creditor or by the consumer.
Closed Accounts In Good Standing: 10 years from the date reported closed.
Lost Credit Card with Delinquencies and Late Payments That Occurred Before the Card Was Lost : 7 years from the date the creditor is contacted.
Lost Credit Card with No Delinquencies: 2 years from the date the creditor is contacted.
Chapter 7, 11 and 12 Bankruptcy: 10 years from the filing date.
Chapter 13 Bankruptcy: 7 years from the filing date.
Accounts Included In A Bankruptcy (Chapter 7, 11, 12 and 13): 7 years from the date reported as being included.

Information That Cannot Be Included In a Credit Report

Age, marital status, or race
Medical information (unless you provide consent)
Chapter 7, 11 and 12 bankruptcies more than 10 years old
Debts more than 7 years old, including Chapter 13 bankruptcies and delinquent child support payments
Tax liens and judgments are not included, however lenders can search for them in public records and this may impact your ability to qualify for credit