Do Derogatory Items Remain on Your Credit Report?

Derogatory items on your credit report, such as repossession and foreclosure, missed payments, charge-offs, bankruptcy, inquires, closed accounts, etc., are negative information that stay on your credit report for various lengths of time. 

Here is some information about how long derogatory items remain on your credit report:

 1. Tax Lien

A tax lien is a public record of your federal or state taxes. The government claims against the assets of a business or individual who fails to pay taxes on time. 

2. Foreclosure or Repossession

The foreclosure will be reported to the credit bureaus and remain on your credit report for 7 years from the date of the first missed payment.

3. Bankruptcy

Bankruptcy is a legal process in which a person or business may seek relief from the debts they cannot pay. 

4. Collections

If you fail to repay your debts on time, it may get turned over to a third-party collection agency or debt collector.

5. Judgment

A judgment is a formal decision made by the court following a lawsuit. 

Source:  How Long Do Derogatory Items Remain on Your Credit Report?