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How long does settled debt stay on my credit report?
There are a few debts listed on my credit report that I settled years ago and I’m not sure why they’re still there. How long will they be listed on my credit report? Will they stay there indefinitely?
Liz Jenson · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
It can be confusing to see old accounts and settled debts on your
credit report
, but the items will typically remain there for seven years from the original delinquency date, or the first date that your debt was not current.While a settled debt isn’t a great item to have on your credit, most lenders will prefer to see settled accounts over accounts with payments past due. You’ll still qualify for loans with settled debt, whereas many lenders will require you to pay off outstanding debts before you’ll be considered for a loan.
If you’re still struggling with debt, it can help to cut costs in other areas—like your car insurance. Check out the
Jerry
app, where you can see a list of competitive car insurance quotes in less than a minute. The average user saves $887 per year.View full answer
- Gregory R.
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