According to section 605 of the Fair Credit Reporting Act, each entry on your credit report must be removed after a certain period of time. The amount of time allowed for each item depends upon the type of account it is.
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Derogatory debts, paid tax liens, judgments, foreclosures and repossessions will be removed from your credit report after seven years. Revolving accounts, such as a line of credit, that report positively will remain for ten years after they have been closed. Bankruptcies will also report for ten years.
Previous debts continue to appear on your credit report to help lenders evaluate how you have handled debt in the past. This helps lenders make a more educated lending decision.
All debts that appear on your credit report will factor into your credit score.
The credit bureaus do not always remove obsolete information in a timely manner. You may dispute any items that continue to appear on your credit report beyond the reporting period.
You can request that positive accounts that have been closed remain within your credit history for longer than the reporting period.
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