How long do negative items stay on a report?

Negative credit report items are automatically removed from your report. When? It depends.

When it comes to your credit health, thinking positively can go a long way. But to truly understand how your credit report affects your credit health, it’s also important to focus on the negatives. That’s because the fewer negative items on your credit report, the healthier it may appear to those evaluating it. The first thing you should know is the national credit bureau (TransUnion, Experian or Equifax) producing a given report must remove negative items after they’ve been on your report for a certain amount of time. The questions are these: what kinds of negative items and when? The answers are not as straightforward as you may think. Late Payments If your report shows a late payment, that payment must be removed 7 years from the day you missed the payment. Collections / Charged-Off Accounts If you have an account that has been sent to collections or charged off, it will drop off of your credit report 7 years from the day you missed your first payment, not 7 years from the day the account was sent to collections or charged off. Bankruptcies For bankruptcies, the mention of the bankruptcy will generally remain in your credit report for up to 10 years from the date you filed. A completed or dismissed Chapter 13 bankruptcy remains on your file for up to 7 years from the date filed. Regardless of which type of bankruptcy you file, the actual accounts included in a bankruptcy remain on your file for up to 7 years from the date of closing / last activity. Inquiries Though inquiries generally don’t have too much of a negative impact on your credit health, they can be seen as a drag on your creditworthiness if your report lists too many of them in too short of a time frame. Inquiries usually fall off your credit report 2 years after the date they were made. Public Records, Generally Civil judgments, foreclosures, forcible detainers, garnishments and attachments generally remain on your report 7 years from the date those actions are filed in a legal proceeding. Public Records: Tax Liens Tax liens are a little trickier. Paid tax liens will stay on your report for up to 7 years from the date it’s paid off. Unpaid tax liens, on the other hand, remain on file for as long as they remain unpaid. To sum up, most negative items remain on your report for up to 7 years. Bankruptcies can remain on your report for up to 10 years and inquiries drop off your report after 2 years. Though the best course of action is to avoid having negative items on your report by paying your bills on time and avoiding too many credit applications, it’s a good idea to know what the rules are. That way, if you have some negative credit report items, you’ll know what to expect and what you can do to work toward healthier credit.
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How to Get a Personal Loan with Bad Credit

Alright, so you missed a rent payment ...or four. And you are realizing that your credit score is taking a hit as a result. Let’s say hypothetically, you need a personal loan to launch a new company that'll make you a multi-millionaire overnight. Lucky for you, there are still several ways to receive a loan.

Try a credit union/family member

You probably did not expect relatives and credit unions to be listed together. Both may serve as a more personal intermediary to receiving money. Credit unions are owned by their members, rather than profit-driven shareholders and may be more likely to lend you money; borrowing money from a family member may incentivize you to pay it back because you do not want to ruin a relationship, and hopefully, they will be more inclined to lend you money in the first place.

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Get a cosigner

If you know someone with a strong credit score, they may be able to sign a loan for you. The better the credit score means the less money you will have to pay.

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Get a secured loan

You will need to borrow against a previously held asset (property or thing owned by a person). This could be, but is not limited to: your car with an equity car loan; your retirement account with an IRA -Individual Retirement Account- loan.

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If you are still uncertain about how and where to get a loan, then check out Vola. We look at a variety of personalized metrics to give you a score that you can work with and start taking out loans right now.

About Vola:

Vola Finance can advance you up to $300 at NO INTEREST. Vola Finance can make sure your bank balance does not get too low and alert you before it does so that you don’t pay overdraft or NSF fees. Furthermore, Vola Finance breaks down your spending pattern to help you budget your upcoming expenses and find ways for you to save.

Vola supports over 6000 banks and credit unions and uses one of the nation’s largest bank connection providers to securely establish a link to your account.

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