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Dogwood326

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How long do late payments remain on your credit report before they are removed (fall off)?

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Your Credit History...

Reported credit card accounts, personal and auto loans, mortgages etc. can stay on your credit report for up to 7.5 years from the date of last contact. In most cases that will be 7 years and 1 month from your last payment. For an Account in collections, That DOLC will be the last time you replied to a collection letter or answered their phone call, So be stratigic in the way you handle those.  

In some cases Credit accounts that were not in collections or closed by you, such as an old store credit card where the store went out of business, no action was ever taken to remove the account, so it continues to report forever.  I have one those, and I'll take it. Its the oldest account on my report and shows that I haven't missed a payment in 20 years.

I believe that other accounts such as Bankruptcy, Tax liens and garnishements, Child support, School loans and most anything to do with the Government will stay on your report for 10 years from the DOLC. Some of these laws are State specific so check your local laws as well.  

Lenders use the information in your history to judge weather your going to pay them back or not.  A good credit history isn't dependant on great wealth, It's all about good money management. 

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