Congratulations for having realized that you need to rebuild and take care of your credit score. It’s a wonderful thing because knowing the problem is 50% of the solution. The next half that you would have to mind is acting on it. So probably, your next question would be, “How long would it take to fix your record?”
The truth is, credit repair cannot have a generic timeline. A credit score is like a finger print. Every person has a unique way managing their financial resources. So, the report contents vary. The length of time it takes to repair your report depends on your credit information.
How many delinquent accounts do you have? How delinquent are those accounts? Do you have a bankruptcy filing? These are just few questions that determine the length of time that it would take to rebuild your credit score.
If you have affirmative answers to any of the questions above, read on. Below are some timelines that would help you understand better how credit unions handle your credit information.
Do not go beyond the 30-day period.
Making late payments is already bad. But, letting your balance remain unpaid for 30 days is worse. Track your payment schedules at least every month. Otherwise, your negative payment status will show on your credit report.
Negative information stays for seven years.
Negative information is a credit report data that hurts credit score. These are bankruptcies, charge-offs, delinquent accounts, accounts that have been sent to collection, late payments on loans and credit cards, short sales, deeds in lieu of foreclosure, and foreclosures. If you have any of these, that’s seven years in the bureau.
Public record information remains for up to 10 years.
Bankruptcy is the only public record that you will find in your credit history. In bankruptcy, a person is provided relief from debts when he or she is unable to pay. This negative report would reflect on the report for seven years if only a portion is paid. If there is no payment made at all, it would remain for 10 years.