How Long is a Credit Report Good For?

For the purposes of obtaining a mortgage, a credit report is typically considered valid for 120 days, as this is the standard timeframe in which lenders and financial institutions will consider the information to be accurate and up-to-date. However, this does not mean that the information on your credit report expires after a year. 

Credit reports can contain a wealth of information about your credit history, including details on your accounts, loans, credit cards, payment history, and any negative marks such as late payments or collections. This information is used by creditors, landlords, employers, and other entities to assess your creditworthiness and make decisions about lending, renting, or hiring.

When applying for a loan, the lender will pull a recent copy of your credit report and use that timely data to find the right loan program fit for you. That is why it is important to regularly monitor and review your credit report throughout the year to check for any errors or discrepancies. You are entitled to a free copy of your credit report from each of the three major credit bureaus (Equifax, Experian, and TransUnion) once a year through AnnualCreditReport.com.

It is also important to note that certain negative information, such as bankruptcies, can remain on your credit report for up to 10 years, while other information, such as missed payments or collections, may stay on your report for seven years. It is crucial to address any negative marks on your credit report as soon as possible to improve your credit score and overall financial health.

It’s essential to monitor and review your credit report regularly to ensure accuracy and address any issues that may arise. By staying informed and proactive about your credit history, you can take control of your financial well-being and make informed decisions about your credit and borrowing activities.

These blogs are for informational purposes only. Make sure you understand the features associated with the loan program you choose, and that it meets your unique financial needs. Subject to Debt-to-Income and Underwriting requirements. This is not a credit decision or a commitment to lend. Eligibility is subject to completion of an application and verification of home ownership, occupancy, title, income, employment, credit, home value, collateral, and underwriting requirements. Not all programs are available in all areas. Offers may vary and are subject to change at any time without notice. Should you have any questions about the information provided, please contact us.