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
A foreclosure or repossession is when you fail to make payments on your property that you used to secure a loan and the bank seizes it.

3. Bankruptcy
Bankruptcy is a legal process in which a person or business may seek relief from the debts they cannot pay. The type of bankruptcy you file determines how long it can stay on your credit report.

4. Charge-Offs
A bank or creditor may list your account as a charge-off when you have missed payments for 6 months.

5. Inquiries
Credit inquiries include soft and hard inquiries. Soft credit inquiries won’t stay on your credit report and affect your score.

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

Author's Bio: 

Kimmy Burgess is the Manager of Cash in a Snap, which helps clients get connected to its large network of reputed lenders to get a no fax payday cash advance when they need it. Kimmy has over 20+ years' experience in Administrative Management, with many years in the lending industry. Her expertise includes customer service, client services and other functions in the payday lending business.