Hi {first_name},
In our last email, we gave you some basics about your Payment History, in this series of emails we’ll go into more detail about it, starting with…
How long will a poor Payment History stay on your credit report?
We hate to give you the “it depends” answer, but it does. We’ll explain that in a moment, but mostly it follows these guidelines.
Up to seven years for late bill payments, foreclosures, and accounts sent to collections.
Judgements are also seven years, or until the time to bring a claim against you ends, whichever is longer.
Chapter 7 bankruptcies are seven years and Chapter 13 for ten years.
Here’s the “depends” part…credit bureaus can keep payment data past the seven or even the ten year mark in certain circumstances. They can disclose this information past the expiration dates if you apply for over $150,000 of credit or life insurance, or if you’re looking for a job paying over $75,000 per year.
Based on this, it’s even more important to establish a good credit history when you’re first starting out. This way your first seven years of credit are not tarnished by late payments or even worse, collections reports.
We’ll be back in your next email to give you more details on Payment History and how it more specifically affects your credit score.
See you soon!
Sincerely,
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