topic How long neg items stay on biz reports ? in Business Credit

How long neg items stay on biz reports ?

jaxstraw — Thu, 07 Mar 2019 06:41:28 GMT

The title kind of says it all.

How long do derogatory items stay on a business credit report ?

Is it 7 years like a personal and are they automatically removed.....or do you have to try and get anything over 7 years removed since it isn't done automatically ?

Or is a different time length ?

I know they operate differently than personal but finding details is a task.

Re: How long neg items stay on biz reports ?

hawkins — Thu, 07 Mar 2019 15:07:03 GMT

That’s a good question. Would not have the slightest idea. I have 2 biz cards myself and have not the slightest idea where or how they report it. I do know of course it will show up on my personal credit if I default paying but that’s about it. So I am quite curious also.

Re: How long neg items stay on biz reports ?

LittleSal — Thu, 07 Mar 2019 15:30:21 GMT

I’d be interested to know as well.

Re: How long neg items stay on biz reports ?

jaxstraw — Thu, 28 Mar 2019 01:58:33 GMT

Received answer back from Experian.

Quote...."Experian uses standard industry and government guidelines for keeping data on file.

Expiration dates for data ensures that the information presented in our reports is current enough to create an accurate picture of financial health.

Bankruptcies remain on file for 10 years after the filing date.
Judgments for 7 years after the filing date.
Tax liens for 7 years after the filing date.
Collections remain on file for 6 years and 9 months after the last report date.
UCC filings for 5 years after the last filing date.
Bank, government and leasing data for 36 months.
Trade data for 36 months after the last report date.
Credit inquiries for 9 months.

Thank you,

Helpdesk support
www.smartBusinessReports.com

Re: How long neg items stay on biz reports ?

LittleSal — Mon, 25 Mar 2019 22:57:39 GMT

Great info! Thanks for posting.

Re: How long neg items stay on biz reports ?

jaxstraw — Mon, 25 Mar 2019 23:08:57 GMT

I have an inquiry out to Equifax as well.

I'd assume they would follow the same guidelines but it would be interesting to see what they say if they reply.

Re: How long neg items stay on biz reports ?

LittleSal — Tue, 26 Mar 2019 10:57:01 GMT

Yes it will. Please report back!

Re: How long neg items stay on biz reports ?

jaxstraw — Thu, 28 Mar 2019 01:59:53 GMT

And a reply from Equifax today......

I’m following up with you regarding your contact request from the Equifax.com website, regarding your request we report the data as follows:

-BK Chapter 7, 9, 11, 12, and 13, if open, converted or dismissed, stay on the file for 10 years.

-BK Chapter 12 and 13, if discharged remain on the file for 7 years.

-Judgements, satisfied or unsatisfied, remain for 7 years.

-Liens, non-released, are always returned.

-Liens, if released, they stay on for 7 years.

Please feel free to reach me if you have any questions .

(Mod cut)

Re: How long neg items stay on biz reports ?

LittleSal — Tue, 26 Mar 2019 18:07:39 GMT

Nice!

Is it possible to check your own Equifax Business file? I can’t seem to find a way to check mine online.

Re: How long neg items stay on biz reports ?

jaxstraw — Tue, 26 Mar 2019 19:53:06 GMT

https://www.equifax.com/business/business-credit-reports-small-business/

Re: How long neg items stay on biz reports ?

LittleSal — Wed, 27 Mar 2019 09:58:17 GMT

Got signed up with EQ. Thanks!

Are there any other business credit reports that I should be monitoring?

Re: How long neg items stay on biz reports ?

jaxstraw — Wed, 27 Mar 2019 11:24:03 GMT

As far as I know it's EX, EQ, and possibly Duns.

It would probably be a good question to start a separate topic though.

Others with more knowledge might give input.

Re: How long neg items stay on biz reports ?

Anonymous — Wed, 03 Apr 2019 12:29:10 GMT

I know of two business only reporting agencies that keep the information on the reports forever. One is industry specific and operates only in one state. Both report the entire history of the business. I believe LexisNexis may also report everything forever. There might be a fourth, D&B.

Re: How long neg items stay on biz reports ?

Anonymous — Wed, 03 Apr 2019 16:30:08 GMT

National Association of Credit Management continues to update reports without removing information. The Bureau of Credits, a Michigan based CRA that used to also operate in Indiana, also adds new information and takes nothing away. LexisNexis reports go back decades. I just ran one a few days ago on a customer. A bankruptcy from over 15 years ago was on it. Also, lawsuits from decades back. I'm not certain if LN go back generations on long established businesses. D&B I know used to just update reports and nothing came off, but I have not utilized its services in several years.