ID Theft Protection and Credit History

Your credit history can help you make large purchases (like a new home or townhome!), open new credit accounts and help with ID theft protection. However, most people have questions concerning the negatives on their credit history usually when they are considering making a big purchase such as a new home or car.

In the article, “How long does information stay on my credit report?” the experts at the Equifax Finance Blog have mapped out exactly what consumers can expect when they have negatives on their credit report.

Starting with the basic question of, “what is a credit score?” consumers should be aware that all of the information rolled into your credit score comes from the reports that lenders have sent to the three credit reporting agencies, from public records and from collection agencies. Together these make up your credit score.

Any negatives on your credit report also factor into your overall credit score. Late payments, judgments and bankruptcies typically stay on your credit history for seven or more years. Even unfortunate events such as identity theft may stay on your credit report for several years.

Good information like paying off your car and making payments of any sort on-time, luckily stays on your credit report forever. This is good news for anyone who has ever had a few hiccups on their financial path.

Please visit the Equifax Finance Blog for more in-depth information about your credit report, other financial information or identity theft protection information.