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sisterlaw

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how long does a derogatory stays on your credit report,after closed as charge off or written off
second mortgage

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7 years and 180 Days

Helpful to 8 out of 8 people

In general, derogatory items stay on your credit report for 7 years and 180 days (as per the 1996 Consumer Credit Reporting Reform Act) after the last negative activity on the account. 

There are some exceptions:

  • Bankruptcy - 10 years
  • Unpaid judgements or lawsuits - 7 years and 180 days at a minimum (commonly 7 years and 180 days after you clear the judgement)
  • Information reported because of a credit or life insurance application for over $150,000 - Indefinitely
  • Credit information provided for a job application where the salary is over $75,000/year - Indefinitely

Keep in mind that if you are required to report on any credit problems for a job or insurance application (over the stated limits) that the Credit Reporting Agencies can and will report back everything in your history ever, so you better be honest.  At the current time, I don't know if there is any way for a consumer to get a copy of a report that extends past the 10 year history.  Also, keep in mind that these restrictions are only for the Credit Reporting Agencies.  If you flubbed up your credit with a creditor over 10 years ago, your report may be clean, but the creditor doesn't have to forget or forgive and can legally hold your previous credit activity against you.

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