GREEN BAY, Wis., May 20, 2013 /PRNewswire-iReach/ -- When suffering from bad credit it can be difficult to see the light at the end of the tunnel. Poor credit can leave hopeful car owners feeling consumed and overwhelmed, but even bad credit expires over time when the proper steps are followed to improve it. Drivers hoping to obtain auto credit in Green Bay WI turn to Broadway Auto Credit for information on how long negative information stays on a credit report.
A person's distinct experience can affect the length of time negative information stays on his or her credit report; however, there is a statute of limitations even for some of the most discouraging situations. In most cases, negative information stays on a credit report for roughly seven years, but depending on the circumstance, it could take anywhere from two to ten years for an item to be erased.
In the event of general delinquency, negative information will typically stay on a report for seven years if a payment was missed. If a person experiences serious, prolonged delinquency and one or more of their accounts has been sold to a collection agency, that can traditionally be seen on a credit report after a 180-day late payment for seven years. If a person experiences Chapter 7, 11, 12 or 13 bankruptcies, that information will remain visible on a credit report for a maximum of ten years. Tax liens and official judgements can be seen for up to seven years, but inquiries made to a person's credit report will last for only two years.
Ten, seven, and even two years can seem like a bleak amount of time, but there is hope even after a dire credit situation. An individual's story and personal circumstance matters to most lenders, and there is always hope in knowing that positive credit information will always be visible on a report. Staying on top of payments, keeping an eye on credit report updates, and being consistent with credit best practices will strengthen a person's credit history and help to reduce the weight of negative credit information.
Mercedes Mannino Broadway Auto Credit, (855) 395-2129, firstname.lastname@example.org
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SOURCE Broadway Auto Credit