As many as 50 million people have credit file problems, said a consumer education specialist with New Mexico State University. According to a National Council for Financial Education survey, the number one problem is late or missed payments, said Susan Wright with NMSU's Cooperative Extension Service.
Negative information remains in credit files for seven years.
Reports of bankruptcies remain for 10 years. People may fail to live up to agreements. They may agree to take over payments on a debt but never follow through. When people get divorced or separated, all mutual debts should be paid in full or separately refinanced, Wright said All joint credit cards should be canceled and returned to the issuers. Do not just throw them away.