According to federal law, credit reporting agencies may report negative information on your credit report for a specific amount of time. The amount of time depends on the type of discrepancy. The times are as follows:
- Bankruptcies can be reported for ten (10) years.
- Civil suits, judgments, and records of arrest can be reported for seven (7) years.
- Paid tax liens can be reported for seven (7) years from the date of payment.
- Accounts placed in collections can be reported for seven (7) years.