The Credit Report Timeline
Most of us have SOMETHING negative on our credit report and then there's those whose credit is just....shot! Late payments, tax liens, accounts in collections, bankruptcies and even credit inquiries are just a few of the harmful things that work against us on our credit reports. These tarnishes on your report join forces to lower your score and stand between you and the sweetest deals and interest rates.

Fortunately the saying "time heals all wounds" applies to credit reports as well as broken hearts. Here is a list of the different types of accounts and how long negative information concerning them will remain on your report:

Bankruptcy Chapter 7, 11 or 13 stay on for 10 years.
For some reason it is widely believed that it stays on 7 years but 10 years is the actual length of time.
Charge-Off Accounts - 7 years
Closed accounts -7 years
For negative accounts but positive accounts can stay on longer which is a good thing!
Collection Accounts - 7 years
it is 7 years from the last 180-day late payment in the ORIGINAL account.
see *special note about collection accounts* below
Inquiries -1 to 2 years
see ** special note on inquiries** below

Judgements - 7 years

Late Payments - 7 years

Avoid these at all costs, I know sometimes it is unavoidable but even if you can make a bare minimum payment, do it!

Unpaid tax leins stay on your report indefinitely until they are paid, then they remain for 7 years from the payment date, sorry guys this is one that just won't go away so always take care of these as soon as possible!!

*Special note about collection accounts*
A paid off collection account is noted on your report as "paid in collection"
and an account settled for reduced amounts are reported as "paid for less than due" which looks HORRIBLE on your report!

**Special Note On Inquiries**
These only include hard inquiries and they stay on for a maximum of 2 years. Keep in mind that soft inquiries such as checking your own report do not reflect on your report or score. Never be discouraged from checking your own credit for fear of it affecting your score. You can check your own credit report an unlimited amount of times a year and I strongly encourage you to actively stay on top of your report and catch any errors or fraudulent activity as soon as possible.

I hope this information was helpful and informative, don't forget to check out my blog:
"FICO BREAKDOWN: How Your Credit Score Is Calculated" at http://finance-girl.blogspot.com/2006/09/fico-breakdownhow-your-credit-score-is.html