Most negative information will only appear on your credit report for seven years. However, there are a few exceptions:
- Bankruptcy information can be reported for ten years.
- Information about a lawsuit or judgment against you can be reported for seven years or until the statute of limitations runs out, whichever is longer.
- Information reported because of an application for a job with a salary of more than $75,000 has no time limit.
- Information reported because of an application for more than $150,000 worth of credit or life insurance has no time limit.
Continue to pay your bills promptly, and apply for credit only when absolutely necessary. With your hard work, your credit will improve over time.
If you believe you have been the victim of an unscrupulous credit repair firm, you may also report it to the Georgia Department of Law’s Consumer Protection Unit so that we will be aware of their activities. Our office must, however, pass such complaints along to the FTC.
Your credit reports matter.
- Credit reports may affect your mortgage rates, credit card approvals, apartment requests, or even your job application.
- Reviewing credit reports helps you catch signs of identity theft early.
You can Request a copy of your credit report from credit reporting company. All the three companies (equifax, transunion and experian) have consolidated a single website called www.annualcreditreport.com which will provide a free copy from each Credit bureau in 12 month.
It is advisable to get the credit report every 4months instead of getting all three at one time
FREE Credit Reports. Federal law allows you to:
- Get a free copy of your credit report every 12 months from each credit reporting company.
- Ensure that the information on all of your credit reports is correct and up to date.