How Long Do Delinquencies Stay on Your Credit Report?

Types of Delinquencies

Creditors and lenders report delinquencies after several months of trying to collect on a debt. The different types of delinquencies include late payments, missed payments, collection accounts, judgments and charge-offs. Each negative item can lower your credit score, and with this information on your report, future creditors and lenders may deny your application or charge a higher interest rate as a result of your history of delinquencies.

Avoiding a delinquency is one way to maintain an acceptable credit history and qualify for loans and other types of credit easily. But once you default on an account and a creditor or lender reports the delinquency, this negative remark will tarnish your credit file for a period of seven years. Every lender or creditor who pulls your credit report for the next seven years will learn of your payment issues and judge you accordingly.

Creditors and lenders sometimes work with borrowers dealing with payment issues. Rather than stop making payments and risk credit damage, try to avert delinquencies and keep your credit report intact by discussing problems with your creditors and lenders. Explain your situation and ask for help. Your initiative may prompt a lender or creditor to modify your due date, lower your interest rate, reduce your payment or allow you to skip a few payments.

Your credit card company or lender is not required to update your credit file with positive information once it reports a delinquency. But if you pay off the delinquent balance in full or negotiate a debt settlement with your credit card company or lender, you can ask it to remove the delinquent remark from your credit report. Some companies may oblige you, but others will not update your file. However, removing a delinquency such as a collection account, charge-off or judgment can help bolster your credit rating.