Credit Facts You Need to Know

· Accurate information on your report cannot be changed or removed. · How Information gets on your credit report: Organizations and credit granting companies and/or retailers with whom you have submitted an application for credit or an existing credit account may furnish your identifying information, employment and/or payment history on open or closed accounts to Credit Reporting Agencies (CRA’s). Some organizations subscribe to one, two or all three major Credit Reporting Agencies. Cour5t researchers obtain public records information from the courts and furnish data to the three national Credit Reporting Agencies. · How long information remains on your file: As a general rule, credit information remains on file for 7 years from the date of last activity. This includes open and closed accounts. There are exceptions, such as derogatory accounts remain on file for 7 years from the original date of the last delinquency. As Agreed/Closed accounts may remain as long as 10 years from the last reporting date on a TransUnion file. Bankruptcy Chapter 13 remains on your file for 7 years. Chapters 7, 11 and 12 remain for 10 years from the date filed. In some states (New York specifically) satisfied judgments remain on file for only 5 years from the date of the original filing along with paid collections for 5 years from the date of last activity with the original creditor.