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.
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.
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.
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 .