Length of Negative Reporting

Your credit history is one of the most significant factors used by lenders and other entities when they are assessing the level of risk that they face when offering you a loan or line of credit. For this reason, it is important that you understand how your credit score is calculated and what information those parties will be reviewing as they make determinations regarding your application or candidacy. One of the somewhat confusing and distressing elements of a credit report is that when you make mistakes, they follow you and can remain on your credit report for many years.

If you are in the midst of a financial situation that seems to be in an ever-worsening and negative items are continuing to accumulate on your credit report, then it may be time to consider filing for bankruptcy protection. Contact the Arizona bankruptcy lawyers of the Harmon Law Office, L.L.C., at 480-829-0494 to learn more about your options.

Duration of Reporting

Different kinds of debt and other financial obligations are kept on your credit report for different periods of time. Though it is obviously best to avoid trouble in the first place, knowing how long these missteps will follow you can give you a better idea about how to proceed. Consider the following:

• Student loan defaults can be reported for seven years
• Tax liens remain for seven years after they are satisfied
• Information regarding applications for more than $50,000 of credit has no removal date
• Lawsuits or judgments remain for seven years or the length of the statute of limitations, whichever is longer
• Accounts placed in collection remain for seven years

Contact Us

Let us help you determine how best to rebuild your credit. Contact the experienced Arizona bankruptcy lawyers of the Harmon Law Office, L.L.C., today at 480-829-0494.