Negative items on your credit report can lower your score significantly. What makes them even more impactful is the fact that they can stay on your credit report for many years.Negative items will naturally fall off your report from 2 years to 10 years. Whether you’re looking into collection removal from your credit report or any other negative item, here’s what you should know about how long the items will remain.
Hard Inquiries Remain For Two Years
Hard inquiries generally lower your credit score for a short period of time. They occur when you apply for a loan or credit. So while hard inquiries typically aren’t too bad, it’s important to know they can temporarily lower your credit score for up to two years. Be mindful of how many credit checks you have done so you won’t have to worry about having too many hard inquiries on your credit report.
Negative Items Remaining For Seven Years
Several negative items can remain for up to seven years and can damage your credit score accordingly. Some of these items include:
- Charge-offs
- Collections
- Student loan delinquency
- Student loan default
- Repossessions and foreclosures
Having a collections account can hurt your credit score, so you may want to pursue collection removal as soon as possible. Many of the above negative items can be removed from your credit report and it’s necessary to do so if you plan to apply for credit any time soon.
What Remains On Credit Reports Longer Than Seven Years?
Closing an account can slightly lower your credit score for up to ten years. An even bigger negative item is filing for bankruptcy. This is one of the most damaging events on a credit score and lenders likely won’t provide you with credit as a result. You can pursue bankruptcy on credit removal processes, but you will also need to work to rebuild your credit by changing your spending habits.
When you need credit repair in Los Angeles, turn to the experts at Core Credit Solutions. Our team has over 25 years of experience helping people with collection removal, bankruptcy removal, and much more. We are ready to help begin your journey to improving your credit, so contact us today to schedule a consultation.