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Author Topic: Credit Rating
Posts: 1017
Post Credit Rating
on: July 21, 2014, 15:17

How long does information stay on your credit file?

Have you checked your credit file recently? You should.

Your credit file contains a listing of debit and credit payments and it includes public record information about how promptly you’ve paid bills, along with all the yucky stuff like collections, judgements and bankruptcies.

Typically credit agencies will keep a record of accounts that were paid and have no negative history for up to 20 years or for as long as you have a relationship with the company with which you did business. If you cancel an account, the credit agency has no way of maintaining a current and accurate credit file so they often delete credit information. That’s why when you cancel a credit card the credit history that goes with it disappears. If you have a long history with a credit card supplier and want to stop using that card, cut it up but don’t cancel the account until you’ve established a credit history on a new card.


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