The length of time that negative information may remain on credit reports is governed by the Fair Credit Reporting Act, a Federal law. According to this act, a bankruptcy filing of any type may remain ten years from the date of filing. All other negative financial information may remain for seven years. Therefore, you should do everything possible to clear and correct any credit problems. If you are experiencing difficulty with credit or debt, there are some positive steps you can take. First, contact any outstanding creditors and try to establish a payment plan. Make it a priority to follow through with each payment on time as agreed. You may want to contact a nonprofit financial counseling organization such as the Consumer Credit Counseling Service. They can help you negotiate with creditors and establish a budget to avoid future debt. For more information, contact your local chapter of the non-profit consumer credit counseling service.
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