Removing Expired Items

Once in a while, check the expiration dates of the items on your credit report. For instance, if you find an obsolete bankruptcy from 1995, you should dispute it with the creditor to hopefully boost your credit score.  The following account types have differing periods before they can be considered expired:

Bankruptcy - Bankruptcies filed under Chapters 7, 11, and 12 remain on your credit report for 10 years from the filing date. Each account that is included in your bankruptcy filing should be noted as "Included in BK," and it will appear on your credit report for a period of seven years.

Charge-off Accounts - If an account that has been past due is charged off, the record will remain on your credit report for 7 years. 

Closed Accounts - If the account has a delinquency, the mark will remain on your credit report for 7 years starting from the day it was reported. 

Collection Accounts - stay on your report until 7 years after the initial missed payment.  Accounts that have been assigned to collections will continue to appear on your credit record. When you pay, the entry will appear on your report with the notation "paid collection."

Hard Inquiries - A "hard inquiry" is recorded on your credit report when a creditor or lender analyzes your credit. If there are too many of these aggressive queries, your credit score may be somewhat lowered for a period of up to two years.

Soft Inquiries - You can notice a non-harmful "soft inquiry" on your credit report when an employer or you check your own credit online. Soft inquiries, which can stay on your credit record for up to two years, don't lower your credit score and aren't visible when a company runs your credit.

Judgments - The majority of judgments, such as those for small claims, civil cases, and child support, will stay on your record for 7 years from the filing date.

Late Payments - A 30-180 day default on a payment can remain on your credit report for up to 7 years if you are late with it.  A letter of goodwill to the creditor may be suitable so long as a healthy prior relationship was established with the creditor.

Tax Liens - City, county, state, and federal tax liens can last forever on your credit report and are particularly damaging.