Your credit report is a window that creditors look through to determine a snapshot of your financial health and history. Your current debts and obligations are listed in great detail. What is also present on your report is whether you are current on your obligations. Any of your accounts which are not current or which are in default could be represented on your credit report though negative remarks. This can hurt your credit score, making it difficult for you to obtain loans and establish lines of credit. Still, it is not uncommon for individuals to have lapses in payment history and receive negative remarks. But how long does the negative information stay on your credit report? Can you do anything about it? Let’s take a look at how negative reporting works, and what you can do to get it removed from your credit report.

What Is Negative Information on a credit report?

Simply put, negative information is anything that will lower your overall credit score. This can include missed payments, defaults, evictions, bankruptcy, foreclosures and more. Essentially, a negative remark is information reported to the credit agencies from your creditors regarding your inability or unwillingness to make good on your obligation to them.

Many people believe that negative remarks can only come from established creditors such as credit card companies or large banks. The truth is that even a small personal loan between you and another person could end up on your credit report with a negative remark if the debt is not satisfied. Unpaid rent or even child support arrears can also represent negative remarks on your credit report. The reality is that any negative marks on your credit report will cause a drop in your score and ultimately result in harm to your overall financial standing.

How Long Will Negative Information Stay On My Credit Report?

Generally speaking, negative information on your credit report such as missed payments, defaults, or accounts sent to a collection agency will remain on your credit report for roughly seven years. Certain forms of bankruptcy can remain on your credit report for up to ten years. It is important to understand that creditors have the option of removing the negative reporting from your credit report if they feel that the matter has been resolved. Even if you make good on your obligation, it is within the sole discretion of the creditor to remove the initial negative remarks.

Can I Get Negative Information Removed from my credit report?

The short answer is yes: it is possible to have negative information removed from your credit report before the seven year period has elapsed. This will depend on a variety of factors and conditions. For example, if the negative information is inaccurate, you can simply petition the credit agencies, who will then investigate and determine if the information is correct. If it is determined to be an error, the credit agency will remove the negative information.

It may also be possible to negotiate with your creditors to have the information removed. While this is not guaranteed, some creditors will be open to removal of negative reporting if you satisfy your obligation to them. Remember that an agreement to remove negative information from your credit report is solely within the discretion of the creditor and may not be enforced through the credit agency.

Florida Bankruptcy Lawyers Can Help

Your credit report and overall financial fitness affect many different areas of your life. Overlooking negative information on your credit report is a mistake that may cost you a lot of money. Without the guidance of a trained professional, you may simply be unaware of your options. If you have negative remarks on your credit report and would like to know what your best course of action is, please do not hesitate to contact The Bankruptcy Team, PLLC for a consultation. Our experienced bankruptcy attorneys will thoroughly review your situation and advise you about meaningful solutions. To consult with The Bankruptcy Team, PLLC, call or contact us today.