Bankruptcy information may be reported for ten years. Information about a lawsuit or unpaid judgement against you can be reported for seven years or until the statute of limitations runs out, whichever comes first. Accounts placed for collection or written off by a creditor will remain on a report for no more than seven years. If you have a poor credit report, you may be tempted to turn to a credit repair clinic or business. These businesses promise to remove negative information from credit reports.
Fees can range from hundreds to thousands of dollars.
A credit repair clinic cannot do anything to improve your credit report that you cannot do. You cannot remove accurate negative information in a credit report until legal time limits have expired. Beware of companies that want payment before services are provided or recommend you do not contact a credit bureau directly. Also, watch out for companies that do not tell you your legal rights about steps you can take at no cost. Be careful of companies that advise you to dispute all the information or take any action that may be illegal.