PennyGem’s Elizabeth Keatinge tells us how bankruptcies, judgments, and liens affect your credit report.
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00:0010 years. That's how long a bankruptcy stays on your credit report. According to MarketWatch,
00:07since the National Consumer Assistance Plan went into effect in 2017, the only derogatory
00:13public record that should appear on your credit report is a bankruptcy. Experian explains
00:17the two types. Chapter 7 bankruptcy is where you do not repay any of the debt. With Chapter
00:2213 bankruptcy, you repay a portion of the debt through a repayment plan. This can take
00:26three to five years to complete and can be removed seven years from the date it was filed.
00:31There is other negative information that can affect your overall financial health. Civil
00:35judgments can affect your ability to qualify for credit or loans. Tax liens are filed when
00:40you owe the IRS more than $10,000. These can also negatively affect your overall financial
00:46picture, although they do not appear on credit reports. There are many other types of information
00:51that still appear on credit reports. Accounts that went into collections can stay on your
00:55report for seven years from the delinquency date. Experts recommend trying to settle any
01:00accounts that went into collections, reporting any errors, and monitoring your credit report
01:04from all three agencies.